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Jose wants to cash in his winning lottery ticket. He can either receive two, $ 8 , 0 0 0 annual payments starting today, or

Jose wants to cash in his winning lottery ticket. He can either receive two, $

8, 000

annual payments starting today, or he can receive one lump

-

sum payment today based on a

3 %

annual interest rate. What would be the lump

-

sum payment?

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