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You have just won the lottery valued at $15 million dollars. Under lottery rules you have been given the option of excepting a one time
You have just won the lottery valued at $15 million dollars. Under lottery rules you have been given the option of excepting a one time lump sum payment of 5.2 million today or equal annual payments for the next 20 years. What is the annual payment that makes you indifferent to either option?
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Cornett, Otgo Erhemjamts
10th Edition
1260013820, 978-1260013825
