You have won the state lottery. There are two ways in which you can receive your prize
Chapter 0, Problem 8(choose chapter or problem)
You have won the state lottery. There are two ways in which you can receive your prize. You can either have $1 million in cash now, or you can have $1.2 million that is paid out as follows: $300,000 now, $300,000 in one years time, $300,000 in two years time, and $300,000 in three years time. The interest rate is 20%. How would you prefer to receive your prize?
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