Marc wins the lottery and is given the following choice. He can either take $60,000 at...

Marc wins the lottery and is given the following choice. He can either take $60,000 at the end of each year for 25 years, or a lump sum of $700,000. Determine what interest rate he would have to beat for the lump sum to be the better choice.

Expert Solution

THE RATE WHICH BEAT LUMP SUM AMMOUNT IS 7% OR 6.99% OR 6.985%

jeff jeffy answered 1 year ago

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