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As a settlement for an insurance claim, Craig was offered one of two choices. He...

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As a settlement for an insurance claim, Craig was offered one of two choices. He could either accept a lump-sum amount of $6035 now, or accept monthly payments of $197 for the next three years. If the money is placed into a trust fund earning 7.93% compounded annually, which is the better option and by how much? The option is better by $1 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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