Congratulations! You have just won a small lottery. It will pay you either 5 annual payments of
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Question:
Congratulations! You have just won a small lottery. It will pay you either 5 annual payments of $15,000 each (with the first payment to be received two years from today), or a single lump sum to be received today. If you can invest at a 6% annual rate of interest, what is the least you should accept as the lump sum payout amount?
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