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Calculate the upfront amount that he would receive

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Edward won a lottery that would pay him $36,000 in 1 years and $5,200 in 6 years. The lottery company had another option where he could get an upfront amount now and another $15,200 in 5 years.

Calculate the upfront amount that he would receive now from the second option, assuming that money is worth 6.00% compounded semi-annually.

Reference no: EM133120854

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