Question: Benjamin knows that h e will b e receiving $ 1 0 3 , 0 4 9 t o settle a n insurance claim, but

Benjamin knows that he will be receiving $103,049to settle an insurance claim, but he will not actually be paid for another 3 months. Needing cash now, heis considering an offer from a finance company to buy this payment from him by paying him cash today. The annual simple discount rate they are offering him is31%. How much would he receive ifhe takes this deal?

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