Question
A lottery claims its grand prize is $15 million, payable over 5 years at $3,000,000 per year. If the first payment is madeimmediately, what is
A lottery claims its grand prize is $15 million, payable over 5 years at $3,000,000 per year. If the first payment is madeimmediately, what is the grand prize reallyworth? Use an interest rate of 8%.
The real value of the grand prize is $ (Round your response to the nearestdollar.)
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Price Theory and Applications
Authors: Steven Landsburg
9th edition
1285423526, 978-1285947877, 1285947878, 978-1285423524
