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The present value of a lottery prize paying $20,000 each year for 15 years, discounted at a rate of 10 percent, with a first immediate

The present value of a lottery prize paying $20,000 each year for 15 years, discounted at a rate of 10 percent, with a first immediate payment is worth : *

a) More than $300,000.

b) Between $200,000 and $300,000.

c) Exactly $240,000.

d) Less than $120,000.

e) None of the above

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