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The billboard for the Florida Lottery announces a $18,000,000 prize to the winner. The winner has the option to receiving the $18,000,000 paid in 30
The billboard for the Florida Lottery announces a $18,000,000 prize to the winner. The winner has the option to receiving the $18,000,000 paid in 30 annual installments of $600,000 or as a lump sum based on thr present value of the payments. Assuming that the lottery commission uses an interest rate of 4.3% to calculate the lump sum option?
a. 10,007,520.53
b. $8,698,203.26
c. $8,339,600.44
d. 10,437,843.91
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