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You just won $150,000 in the state lottery. Lottery rules do not allow a lump- sum payment. Instead, the lottery will pay you $5,000 per
You just won $150,000 in the state lottery. Lottery rules do not allow a lump- sum payment. Instead, the lottery will pay you $5,000 per year for the next 10 years, followed by payments of $10,000 per year for the next ten years. How much are your winnings actually worth? The appropriate interest rate is 8% per year.
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