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Reed wins the lottery. He can receive 25,000 at the end of every 6 months for 20 years or an equivalent cash payment immediately. Determine

Reed wins the lottery. He can receive 25,000 at the end of every 6 months for 20 years or an equivalent cash payment immediately. Determine the value of the cash payment if the money can be invested at 8.5% per year compounded semi annually.

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