Suppose you win a contest and are given the choice of the following prizes: Prize 1 :
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Suppose you win a contest and are given the choice of the following prizes:
Prize 1: $50,000 to be received right away, with four additional payments of $50,000 to be received each year for the next 4 years.
Prize 2: $175,000 to be received right away.
Explain which prize you would choose and the basis for your decision.
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