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You just won the $20 million lottery. The lottery officials have offered you $1 million dollars at the end of each year for the next
You just won the $20 million lottery. The lottery officials have offered you $1 million dollars at the end of each year for the next 20 years OR a one-time payment of $11 million today. Assuming a discount rate of 5%, which would be the more financially wise decision?
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