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Thomas won a lottery that will pay $550000 at the end of each of the next twenty years. Sandhill Finance has offered to purchase the
Thomas won a lottery that will pay
$550000
at the end of each of the next twenty years. Sandhill Finance has offered to purchase the\ payment stream for
$6853000
. What interest rate (to the nearest percent) was used to determine the amount of the payment?\
5%\ 7%\ 6%\ 8%
\ eTextbook and Media
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