Question
On January 1, 2014, you win $5,400,000 in the state lottery. The $5,400,000 prize will be paid in equal installments of $450,000 over 12 years.
On January 1, 2014, you win $5,400,000 in the state lottery. The $5,400,000 prize will be paid in equal installments of $450,000 over 12 years. The payments will be made on December 31 of each year, beginning on December 31, 2014. If the current interest rate is 6%, determine the present value of your winnings.
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Lorena Mitrione, Michaela Rankin, Keryn Chalmers, Paul D. Kimmel
3rd Edition
0730302296, 978-0730302292
