What is the equivalent lump-sum payment for Shelley's winning lottery ticket?
Shelley wants to cash in her winning lottery ticket. She can either receive 10, $100,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest rate. What is the equivalent lump-sum payment? a. $853,020 b. $801,969 c. $744,090 d. $878,611