Answered

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Tom just won a lottery that promises to pay $1 million exactly ten years from today. Because the lottery is guaranteed by the state in which he lives, he can sell the claim today for an immediate lump-sum cash payment. If he can earn a 6% return on similar risk investments during the 10-year period, how much can he sell the claim for today?
A. $520,112.79
B. $463,193.49
C. $558,394.78
D. $517,863.24

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