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Jose wants to cash in his winning lottery ticket. He can either receive three, $7,000 annual payments starting today, or he can receive one lump-sum

Jose wants to cash in his winning lottery ticket. He can either receive three, $7,000 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?

Multiple Choice

$18,673.
$18,079.
$20,394.
$19,800.

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