Need a large amount of cash

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You just won a national sweepstakes! For your prize, you opted to receive never-ending payments. The first payment just paid was $12,077.29. Every year thereafter, the payments will increase by 3.5 percent annually. How much can you sell for your prize today at a discount rate of 8 percent as you need a large amount of cash?

Reference no: EM132142170

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