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A lottery offers the winner the choice between a $150,000 cash prize or month-end payments...

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Finance

A lottery offers the winner the choice between a $150,000 cash prize or month-end payments of $1000 for 12 years, increasing to $1500 per month for the next 12 years. Which alternative would you choose if money can earn 8.25% compounded monthly over the 25-year period?

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