Question
A Name That Tune contest has a grand prize of $700,000. However, the contest stipulates that the winner will receive just $300,000 immediately, and $40,000
A "Name That Tune" contest has a grand prize of $700,000. However, the contest stipulates that the winner will receive just $300,000 immediately, and $40,000 at the end of each of the next 10 years. Assuming that one can earn 7% on their money, how much has the contest winner actually won?
which of the following is correct?
| A. | $309,225.11 | |
| B. | $401,302.44 | |
| C. | $526,789.23 | |
| D. | $580,943.26 | |
| E. | $650,000.00 |
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Practical Financial Management
Authors: William R. Lasher
4th Edition
0324260768, 9780324260762
