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What is the amount you will receive today

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Question - You just won $1 million dollars in the lottery! They offer two options for your winnings: a lump sum payment right now or $100,000 a year over the next 10 years. Current 10 year interest rates are at 5% and the current tax on lottery winnings is 40%. What is the amount you will receive today with the lump sum option?

Reference no: EM132158657

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