s a settlement for an insurance$$ claim, Craig was offered one of two choices. He could either accept a$$ lump$-$sum amount of $$$$11$ comma $493$now$,$ or accept monthly payments of $$$$161$ for the next seven years. If the money is placed into a trust fund earning $5\mathrm{.}23\%$ compounded semi dash annually$,$ which is the better option and by how$$ much?

Question content area bottom

Part $1$

The

$$

monthly payments

lump sum

option is better by $$$

$$

enter your response here.

$($Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as$$ needed.$)$