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You just won the lottery. You are given the choice of receiving 25,000 at the end of each year for the next 25 years, or

You just won the lottery. You are given the choice of receiving 25,000 at the end of each year for the next 25 years, or a lump sum today. If you can earn a return of 8% on your investment, what is the minimum amount you should be willing to accept today as a lump-sum payment? Round your answer to the nearest hundred dollars.

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