Last night Marion won $5000 in a lottery. She was given two options. She can take $5000 today or $X every 6 months (beginning 6 months from now) for 2 years. If the options are equivalent and the simple interest rate is 3%, determine X using a focal date of 2 years.
note: if you could please provide a detailed answer or explanation (financial calculators aren't used) that would be greatly appreciated
