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You just won the $89 million California State. The lottery offers you a choice of receiving a lump sum today or $89 million split into

You just won the $89 million California State. The lottery offers you a choice of receiving a lump sum today or $89 million split into 26 equal annual installments at the end of each year (with the first amount paid a year from now). Assume the funds can be invested at an annual rate of 7.65%. What dollar amount of the lump sum would exactly equal to the present value of the annual installments? Round off to the nearest $1: Group of answer choices A)$89,000,000 B)$38,163,612 C)$41,083,128 D)$13,092,576

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