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Carl Hightop, a popular basketball player, has been offered a three-year salary deal. He can either...

Carl Hightop, a popular basketball player, has been offered a three-year salary deal. He can either accept $3,200,000 now or accept quarterly amounts of $300,000 payable at the end of each quarter. If money can be invested at 6.2% compounded monthly, which option is the better option for Carl and by how much?
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