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the top prize for the state lottery is 1 0 8 , 5 0 0 , 0 0 0 . You have decided it is

the top prize for the state lottery is 108,500,000. You have decided it is time for you to take a chance and purchase a ticket. Before you purchase the ticket, you must decide whether to choose the cash option or the annual payment option/ If you choose the annual payments option and win, you will receive 108,500,000 in 25 equal payments of 4340000- one payment today and one payment at the end of the next 24 years. if you choose the cash payment, you will receive a one-time lump sum payment of 58808551.67. you can invest the proceeds and earn 7%. At what interest rate would you be indifferent between the cash and annual payments option?

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