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Please solve the following question in detailed steps with an explanation. Do not use the Goal Seek function. I will make sure to give a
Please solve the following question in detailed steps with an explanation. Do not use the Goal Seek function. I will make sure to give a thumbs up. Thank you. You have just won the lottery and have the choice between receiving $5 million now or $7.86 million in 6 years. If the interest rate you expect to earn over the next 6 years is 6 percent which choice should you take? Explain clearly, showing all supporting calculations.
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