Suppose you win $7 million Powerball lottery. You receive your lottery winnings in 20 equal annual installments,
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Suppose you win $7 million Powerball lottery. You receive your lottery winnings in 20 equal annual installments, with the first installment paid immediately. If you could invest the funds to yield 5% per year, what is the smallest lump sum that you would be willing to take today in exchange for your 20 installments?
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Related Book For 
Foundations And Applications Of The Time Value Of Money
ISBN: 9780470407363
1st Edition
Authors: Pamela Peterson Drake, Frank J. Fabozzi
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