Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 24, 2024

Donald has just won the lottery and will receive an annual payment of $ 1 7 0 , 0 0 0 every year for the

Donald has just won the lottery and will receive an annual payment of $ $170, 000$ every year for the next $5$ years. If the annual interest rate is $7 %,$ what is the present value of the winnings? $($ For calculation purposes, use $5$ decimal places as displayed in the factor table provided. Round answer to $0$ decimal place, e $.$ g $. 5, 275 .)$

Click here to view Table $4 .$

Present value $

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

Recommended Textbook for

Probability And Statistics For Engineering And The Sciences

Authors: Jay L. Devore

9th Edition

1305251806, 978-1305251809

Students also viewed these Accounting questions

Question

★★★★★

A clock with a pendulum keeps perfect time on the earths surface. In which case will the error be greater: if the clock is placed in a mine of depth h or if the clock is elevated to a height h?...

Answered: 1 week ago

Question

★★★★★

Imagine that you are the CEO of a large company. What factors would you have to consider in order to make sure that workers are happy, healthy and employable, while at the same time striving to reach...

Answered: 1 week ago

Question

★★★★★

Transaction data For Crofoot Real Estate Agency are presented in E3-7. Instructions Journalize the transactions. Do not provide explanations. From E3-7 Oct. 1 Stockholders invest $30,000 in exchange...

Answered: 1 week ago

Question

★★★★★

Exercise 6-6 Eastland Company reports the following for the month of June. Unit Cost Total Cost Date Explanation Units June 512 Inventory Purchasee Purchase 30 Inventory $6$ 3,072 6,144 14,080 12 23...

Answered: 1 week ago

Question

★★★★★

Determine the nodal displacements and the element stresses, including principal stresses, due to the loads shown for the thin plates in Figure P6-15 on the next page. Use E = 30 106 psi, v = 0.30,...

Answered: 1 week ago

Question

★★★★★

For any option, no matter the type and characteristics, the price can never be: Greater than the strike price. Less than zero. Less than the strike price. Zero. Greater than a Treasury bill's price.

Answered: 1 week ago

Question

★★★★★

You are a chairperson of source selection, evaluation board for a new jet engine. You had to brief a SSEB member on the procedures for protecting source selection, information what procedures would...

Answered: 1 week ago

Question

★★★★★

3. Plastex Corporation is considering expanding but wishes to control growth by imposing a limit on capital on capital expenditures of $500,000. The capital investment opportunities are: +...

Answered: 1 week ago

Question

★★★★★

Read this case, and just answer question 1 and 2, do not need to answer the rest of questions. 1.For HTC's hardware product revenue stream, what is the distinguishing factor that should be considered...

Answered: 1 week ago

Question

★★★★★

Pharmaceutical Benefits Managers (PBMs) are intermediaries between upstream drug manufacturers and downstream insurance companies. They design formularies (lists of drugs that insurance will cover)...

Answered: 1 week ago

Question

★★★★★

9 3 points 03:02:45 Skipped Javon Company set standards of 2 hours of direct labor per unit at a rate of $15.10 per hour. During October, the company actually uses 11,000 hours of direct labor at a...

Answered: 1 week ago

Question

★★★★★

A property worth $20 000 is purchased for 5% down and quarterly payments of $388.63 for 15 years. What nominal rate of interest compounded semiannually was applied to the purchase?

Answered: 1 week ago

Previous Question Next Question