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You have just won your state's big lottery, the Mega Power Pick 61 The jackpot is $250,000,000 You have the option of receivng a check

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You have just won your state's big lottery, the Mega Power Pick 61 The jackpot is $250,000,000 You have the option of receivng a check for $12,500,000 at the end of each of the next 20 years You would receive the first check in a year. The state lottery commission also allows you the option of receiving a one-time payment of $155,777,629 when you turn in the winning ticket. What interest rate is the state lottery commission using to determine the one-time payment? (Use the present value and future value tables, a financial calculator, a spreadsheet or the formula method for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, XXXXXX. Round the interest rate to the nearest whole percent) The state lottery commission is using a(n) \% interest rate annually to determine the one time payment

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