Question: Marcus has won a $9,000,000 state lottery. He can take his prize as either 15 yearly payments of $600,000 or a lump sum of $5,135,000.

Marcus has won a $9,000,000 state lottery. He can take his prize as either 15 yearly payments of $600,000 or a lump sum of $5,135,000. Which is the better option? Assume an interest rate of 8%.

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