Question
A lottery jackpot is paid out as annual 52000000 payments for 26 years, starting immediately. If you choose instead to recieve a lump sum payment
A lottery jackpot is paid out as annual 52000000 payments for 26 years, starting immediately. If you choose instead to recieve a lump sum payment all at once, how much will you recieve assuming a 6% interest rate?
answer given: $27566712.32
I have no idea how to get to this answer!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
International Financial Markets And The Firm
Authors: Piet Sercu, Raman Uppal
1st Edition
1861523548, 978-1861523549
