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Comparing Lottery Payouts A lottery winner is given two options:
Option I: Receive a $20 million lump-sum payment.
Option II: Receive 25 equal annual payments totaling$60 million, with the first payment occurring immediately.
If money can earn 6% interest compounded annually during that long period, which option is better? Hint: With each option, calculate the amount of money earned at the end of 24 years if all of the funds are to be deposited into a savings account as soon as they are received.
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