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Determine the amount of the payment

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Question - Donald won a lottery that will pay him $600000 at the end of each of the next twenty years. Splish Brothers has offered to purchase the payment stream for $6354000. What interest rate (to the nearest percent) was used to determine the amount of the payment?

a. 8%.

b. 7%.

c. 9%.

d. 10%.

Reference no: EM133094407

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