Mrs. Lucky has just won the state lottery, paying $100.000 a year for 30 years. She is
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Question:
Mrs. Lucky has just won the state lottery, paying $100.000 a year for 30 years. She is to receive her first payment a year from now. The state advertises this as the Three Million Dollar Lottery because $100,000 x 30 = $3,000,000. If the interest rate is 5%, what is the true value of the lottery? 1) $942,691 2) $998,691 3) $1,358,725 4) $1.537.245 5) $1,614,107
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