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OpenStudy (anonymous):
Suppose you win the lottery, a 60 million dollar jackpot. The state will either give you $250000 each month for 20 years, or you can receive a lump sum of 20 million dollars upfront. With the first option, you collect 20 million dollars upfront. If you invest this amount in a bank account which makes 3.6% compounded monthly, how much money would be in the account after 20 years? Total saved after taking the lump sum:
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