Question
On January 1, you win $4,000,000 in the state lottery. The $4,000,000 prize will be paid in equal installments of $500,000 over 8 years. The
On January 1, you win $4,000,000 in the state lottery. The $4,000,000 prize will be paid in equal installments of $500,000 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 5%, determine the present value of your winnings. Round to the nearest whole dollar.
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
