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What would be the lump-sum payment

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Question - Jose wants to cash in his winning lottery ticket. He can either receive three, $7,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What would be the lump-sum payment?

a. $18,673.

b. $18,079.

c. $20,394.

d. $19,800.

Reference no: EM132541103

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