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Sonny and Share bought a lottery ticket and won but they won't receive the $800,000 until nine months later. Assuming an annual rate of interest
Sonny and Share bought a lottery ticket and won but they won't receive the $800,000 until nine months later. Assuming an annual rate of interest of 16%, compounded quarterly, what is the actual amount they won? How much interest will accumulate during the nine months? Prepare a schedule for recognizing the quarterly interest income.
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