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Mike wins the lottery. He is faced with decision to take an immediate payment of 2,000,000 (after taxes) or 175,000 right now and another 19
Mike wins the lottery. He is faced with decision to take an immediate payment of 2,000,000 (after taxes) or 175,000 right now and another 19 annual payments of the same amount (20 payments in total). John thinks that 7% would be an appropriate interest rate to apply to this calculation. What should he do? Show all calculations.
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