Michael won the state lottery and had the option of taking
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Michael won the state lottery and had the option of taking his winnings is one of three ways:
a. 175000 cash immediately
b. 25000 cash immediately and six equal installments beginning one year from today with a 3% return
c. Seven equal payments beginning in one year with a 6% return.
Which would be the best option for Michael?
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intermediate accounting
Michael won the state lottery and had the option of taking his winnings is one of three ways:
a. 175,000 cash immediately
Present value today is equal to 175,000.
b. 25,000 cash immediately and six equal installments beginning one year ...
Purchase this Solution
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