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You just won a lottery prize. Today's value of the prize is $100,000. However, you do not want to receive all the money at once
You just won a lottery prize. Today's value of the prize is $100,000. However, you do not want to receive all the money at once today. Instead, you want to receive 10 equal monthly amounts. If the APR is 12% compounded monthly and the first monthly installment is to be received today, how much is each of the monthly installments? please show steps how you solved.
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