Question
A $1,000,000 lottery prize pays $50,000 per year for the next 20 years. If the current rate of return is 4.75%, what is the present
A $1,000,000 lottery prize pays $50,000 per year for the next 20 years. If the current rate of return is 4.75%, what is the present value of this prize? (Assume the lottery pays out as an ordinary annuity. Round your answer to the nearest cent.)
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Mathematics Of Finance
Authors: Robert Brown, Steve Kopp, Petr Zima
8th Edition
0070876460, 978-0070876460
