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Linus has just won the Wait To Spend lottery. Specifically Linus has won the lump sum amount of $1500 but he must wait until the

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Linus has just won the "Wait To Spend lottery. Specifically Linus has won the lump sum amount of $1500 but he must wait until the end of 9 years to receive the money. Linus is in need of cash and would rather receive a different pattern of payments: $200 today and then receive some unknown LUMP SUM (L.. one time) amount that will be received in 9 years. Using an interest rate of 7.50% determine the unknown lump sum amount that would make the present value of both prizes equivalent

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