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Suppose you have a winning lottery ticket and you are given the option of accepting $3,000,000 now OR $261,553.70 each year for the next 20

Suppose you have a winning lottery ticket and you are given the option of accepting $3,000,000 now OR $261,553.70 each year for the next 20 years. The sponsor of the prize uses a 6% discount rate. Using the time value of money concepts learned this semester, which payment option would you choose and why?

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