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Lotteries sometimes offer the option to pay out winners in monthly instalments rather than one big lump sum. Your aunt just won a considerable amount
Lotteries sometimes offer the option to pay out winners in monthly instalments rather than one big lump sum. Your aunt just won a considerable amount and the lottery is offering to pay $4,300 for the next 10 years, starting immediately. Assuming an annual discount rate of 7.00% (monthly compounded), what would be the equivalent lump sum payment she should be offered?.
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