A lottery offers a ($ 1,000,000) prize to be paid in 20 equal installments of ($ 50,000)

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A lottery offers a $\$ 1,000,000$ prize to be paid in 20 equal installments of $\$ 50,000$ at the end of each year. What is the future value of this annuity if the current annual rate is $5 \%$ ?

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Nature Of Mathematics

ISBN: 9781133947257

13th Edition

Authors: Karl J. Smith

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Question Posted: Jan 28, 2024 01:03 AM

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A lottery offers a ($ 1,000,000) prize to be paid in 20 equal installments of ($ 50,000)

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To calculate the future value FV of an annuity you can use the following formul...View the full answer

Nature Of Mathematics

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