Homework Help

4. You and 11 coworkers just won $11 million ($916,666.67 each) from the state lottery. Assuming you each receive your share over 18 years and that the state lottery earns a 7 percent return on its funds, what is the present value of your prize before taxes if you request the 'up-front cash' option? Click on the table icon to view the annuity table ! The present value of your prize before taxes if you request the 'up-front cash' option is $ (Round your answer to the nearest dollar.) 1: Data Table n 1% 2% 3% 4% 5% 7% 8% 9% 10% 1. 0.990) 0.971 0.980 1.942 0.909 1.736 2 0.935 1.808 2.624 1.970 2.941 3 2.884 4 0.926 1.783 2.577 3.312 3.993) 4.623 1.913 2.829 3.717 4.580 5.417 2.487 3.170 3.902 0.943 1.833 2.673 3.465 4.212 4.917 5.582 3.808 4.713 5.601 5 4.853 Present Value of an Annuity of $1 (PVIFA) 6% 0.962 0.952 1.886 1.859 2.775 2.723 3.630 3.546 4.452 4.329 5.242 5.076 6.002 5.786 6.733 6.463 7.435 7.108 8.111 7.722 8.760 8.306 3.387 4.100 4.767 5.389 6 5.795 0.917 1.759 2.531 3.240 3.890 4.486 5.033 5.535 5.995 6.418 6.805 3.791 4.355 4.868 7 6.728 6.472 6.230 5.206 8 7.325 7,020 5.335 6.210 6.802 5.747 6.247 9 7.652 8.566 9.471 10.368 8.162 8.983 7.786 8.530 5.971 6.515 7.024 7.499 5.759 6.145 6.710 10 11 12 9.787 7.139 9.253 9.954 10.575 9.385 8.863 7.360 7.887 8.384 8.853 9.295 7.943 11.255 12.134) 7.536 6.495 6.814 7.103 13 11.348 10.635 9.986 7.904 8.358 8.745 7.161 7.487 7.786 8.061 14 12.106 11.296 9.394 9.899 10.380 10.563 13.004 13.865 7.367 8.244 8.559 15 12.849 11.938 11.118 9.712 7.606 16 12.561 11.652 10.838 8.851 14.718 15.562 8.313 9.108 9.447 9.763 13.578 14.292 10.106 10.477) 7.824 8.022 17 12.166 11.274 9.122 18 16.398 14.992 13.166 13.754 14.324 11.690 12.659 13.134 10.828 11.158 10.059 10.336 9.372 9.604 8.544 8.756 8.950 19 15.678 12.085 20 14.877 12.462 11.470 11.764 10.594 10.836 9.818 10.017 21 15.415 12.821 9.129 9.292 9.442 22 12.042 11.061 10.201 17.226 18.046 18.857 19.660 20.456 21.243 22.023 25.808 16.351 17.011 17.658 18.292 18.914 19.523 22.396 15.937) 16.444 13.590 14.029 14.451 14.857 15.247 15.622 23 13.163 13.489 13.799 14.094 10.371 10.529 24 12.303 12.550 12.783 13.765 16.936 8.201 8.365 8.514) 8.649 8.772 8.883 8.985 9.077 9.427 9.779 9.915 11.272 11.469 11.654 12.409 9.580 9.707 9.823 25 17.413 19.600 10.675 11.258 30 10.274 17.292 19.793 40 27.355 15.046 15.372 17.159 18.256 32.835 39.196 10.757 23.115 25.730 13.332 13.801 11.925 12.233 50 31.424 21.482 15.762 10.962