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Jose wants to cash in his winning lottery ticket. He can either receive eight, $6,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What
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Jose wants to cash in his winning lottery ticket. He can either receive eight, $6,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What would be the lump-sum payment?

User Jiverson
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1 Answer

2 votes
The sum payment would have to be$300
User Jespertheend
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