How large must the lump sum be to leave him as well off, Financial Management

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How large must the lump sum be to leave him as well off

Sam was injured in an accident, and the insurance company has offered him the choice of $46,000 per year for 15 years, with the first payment being made today, or a lump sum. If a fair return is 7.5%, how large must the lump sum be to leave him as well off financially as with the annuity?

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Financial Management: How large must the lump sum be to leave him as well off

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