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You just won a lottery. The lottery offers two options for receiving the proceeds: a lump sum of $50,000 today or payments of $550 a
You just won a lottery. The lottery offers two options for receiving the proceeds: a lump sum of $50,000 today or payments of $550 a month for ten years. If you can earn 6 percent, compounded monthly, which option should you take and why? (Final answer rounded up to two decimals)
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