Mathematics, 01.04.2021 21:10 bree9362
Michael has just won some money on a game show! He has the option to take a lump sum payment of $700,000 now or get paid an annuity of
$3,600 at the beginning of each month for the next 20 years. Assuming the growth rate of the economy is 3.4% compounding annually over the
next 20 years, which is the better deal for Michael and by how much?
Lump Sum: by $59,36]5.20
Lump Sum: by $502,182.81
Annuity: by $59,366.20
Annuity: by $164,000
Answers: 1
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Michael has just won some money on a game show! He has the option to take a lump sum payment of $700...
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