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

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Finance

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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 $3864 now, or accept quarterly payments of $144 for the next eight years. If the money is placed into a trust fund earning 5.85% compounded monthly, which is the better option and by how much? The option is better by $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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