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You're offered $ 1 , 0 0 0 as a lump sum today, or $ 1 0 0 / month for 1 2 months. At

You're offered $1,000 as a lump sum today, or $100/month for 12 months. At a nominal annual rate of 6%, you obviously prefer the payments. How high would nominal annual rates have to go for you to prefer the lump sum?

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