Which should you choose if the interest rate is 3 percent, Financial Management

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Which should you choose if the interest rate is 3 percent

Suppose you win the lottery. You have a choice between receiving $100,000 a year for 20 years or an immediate payment of $1,200,000.

a. Which should you choose if the interest rate is 3 percent? If it is 6 percent?

b. For what range of interest rates should you take the immediate payment?

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