A lottery claims its grand prize is ($15) million, payable over five years at ($3),000,000 per year.
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A lottery claims its grand prize is \($15\) million, payable over five years at \($3\),000,000 per year. If the first payment is made immediately, what is this grand prize really worth? Use an interest rate of 7%.
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Related Book For
The Economics Of Money Banking And Financial Markets
ISBN: 9781292268859
12th Global Edition
Authors: Frederic S. Mishkin
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