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You have won a prize where you can receive $875,000 today or a payment of $X every year forever, starting one year from today. If
You have won a prize where you can receive $875,000 today or a payment of $X every year forever, starting one year from today. If the annual interest rate is 5.60%, what is the minimum value of $X that you would accept?
a. $57,387
b. $51,744
c. $46,402
d. $75,358
e. $49,000
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