Question
A state lottery commission pays the winner of the Million Dollar lottery 20 annual installments of $50,000 each. If the prevailing interest rate is12%/year compounded
A state lottery commission pays the winner of the "Million Dollar" lottery 20 annual installments of $50,000 each. If the prevailing interest rate is12%/year compounded continuously, find the present value of the winning ticket. (Round your answer to two decimal places.)
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Probability and Random Processes With Applications to Signal Processing and Communications
Authors: Scott Miller, Donald Childers
2nd edition
123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814
