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Jose wants to cash in his winning lottery ticket. He can either receive five, $6,000...

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Question

Accounting

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

Multiple Choice

  • $28,303.

  • $26,582.

  • $27,478.

  • $25,757.

Answer & Explanation Solved by verified expert
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