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Milt just hit the lottery jackpot. The lottery is offering to pay him $2 million per year for the next 25 years, or a single

Milt just hit the lottery jackpot. The lottery is offering to pay him $2 million per year for the next 25 years, or a single payment of $30 million right now. If Milt expects to earn 8% annual interest on his investments, which option is better and by how much in present value terms?

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