Question
On January 1, you win $4,160,000 in the state lottery. The $4,160,000 prize will be paid in equal installments of $520,000 over 8 years. The
On January 1, you win $4,160,000 in the state lottery. The $4,160,000 prize will be paid in equal installments of $520,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 7%, determine the present value of your winnings. Use the present value tables inExhibit 7. Round to the nearest whole dollar.
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Managerial Accounting For Dummies
Authors: Mark P Holtzman, Karen Schoenebeck
1st Edition
1118116429, 978-1118116425
