Mr. Day just won a contest with a grand prize of $300,000. However, the contest stipulates...

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Mr. Day just won a contest with a grand prize of $300,000. However, the contest stipulates that th e winner will receive $100,000 immediately, and t hat the remaining $200,000 will be paid as $20,00 O at the end of each of the next 10 years. Assumi ng that he can earn 5% on his money, how much has he actually won? 1. $92,156 2. $98,225 3. $115,826 4. $254,440 + 5. $290,000 Mr. Day just won a contest with a grand prize of $300,000. However, the contest stipulates that th e winner will receive $100,000 immediately, and t hat the remaining $200,000 will be paid as $20,00 O at the end of each of the next 10 years. Assumi ng that he can earn 5% on his money, how much has he actually won? 1. $92,156 2. $98,225 3. $115,826 4. $254,440 + 5. $290,000

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