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You have a choice between receiving your salary of $120,000 in equal monthly installments of $10,000 or in a single lump sum at the end

You have a choice between receiving your salary of $120,000 in equal monthly installments of $10,000 or in a single lump sum at the end of each year. If your required return is 12% p.a. compounding monthly, what year-end salary would you demand?

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