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OpenStudy (anonymous):
Marilyn has just won some money on a game show! She has the option to take a lump sum payment of $350,000 now or get paid an annuity of $3,200 at the beginning of each month for the next 10 years. Assuming the growth rate of the economy is 1.8% compounding annually over the next 10 years, which is the better deal for Marilyn and by how much? Lump Sum: by $4,842.99 Lump Sum: by $26,958.57 Annuity: by $4,842.99 Annuity: by $34,000
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