A lottery offers a ($ 1,000,000) prize to be paid in 29 equal annual installments of ($
Question:
A lottery offers a \(\$ 1,000,000\) prize to be paid in 29 equal annual installments of \(\$ 20,000\) with a 30th final payment of \(\$ 420,000\). What is the total value of this annuity if the current annual rate is \(2 \%\) ?
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To calculate the total value of the annuity we need to find the present value of each payment and su...View the full answer
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