Question
On January 1, you win $3,600,000 in the state lottery. The $3,600,000 prize will be paid in equal installments of $450,000 over 8 years. The
On January 1, you win $3,600,000 in the state lottery. The $3,600,000 prize will be paid in equal installments of $450,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 7%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley
8th Canadian Edition
111959457X, 978-1119594574
