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Joseph won a lottery that will pay him $540000 at the end of each of the next twenty years. Whispering Winds has offered to purchase

Joseph won a lottery that will pay him $540000 at the end of each of the next twenty years. Whispering Winds has offered to purchase the payment stream for $8035200. What interest rate (to the nearest percent) was used to determine the amount of the payment?

6%.

4%.

5%.

3%.

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