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You have just won the lottery. You will receive a first payment of $500,000 today and you will receive a total of 25 annual payments

You have just won the lottery. You will receive a first payment of $500,000 today and you will receive a total of 25 annual payments with each payment 5% larger than the previous payment. Alternatively, you can have a single lump sum payment today. If you expect you can earn 7.5% on your money, how big does the lump sum payment have to be for you to prefer that option?

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