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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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