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John won a lottery that pays out $25,000, Instead of taking the lump sum in cash, John can choose receive 36 monthly payments of $X,
John won a lottery that pays out $25,000, Instead of taking the lump sum in cash, John can choose receive 36 monthly payments of $X, with first payment to be made 6 months from now. If j12 = 3.6%, what is the monthly payment ($X)?
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Finance for Executives Managing for Value Creation
Authors: Gabriel Hawawini, Claude Viallet
4th edition
