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As a settlement for an insurance claim Craig was offered on.pdf

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Craig was offered a lump sum of $12,939 now or monthly payments of $142 for 9 years as a settlement for an insurance claim. If the money was placed in a trust fund earning 3.55% interest compounded semi-annually, the monthly payment option would be better by $1,292.12.

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As a settlement for an insurance claim, Craig was offered one of two choices. He could either accept a lump-sum amount of $12,939 now, or accept monthly payments of $142 for the next nine years. If the money is placed into a trust fund earning 3.55% compounded semi-annually, which is the better option and by how much? The option is better by $ (Ro est cent as needed. Round all intermediate values to six decimal places as I

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