Find the equivalent lump sum she could take.

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After winning the lottery, Emily will receive $100,000 at the end of each year for the next 10 years. If rates are calculated at 5%, compounded monthly, find the equivalent lump sum she could take. (Use the formula for a present value of an annuity). Please show your work, so I may learn how to do this problem.

Reference no: EM131514858

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