Question
On January 1 you win $4,400,000 in the state lottery. The $4,400,000 prize will be paid in equal installments of $440,000 over 10 years. The
On January 1 you win $4,400,000 in the state lottery. The $4,400,000 prize will be paid in equal installments of $440,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 5%, 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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Cost Management Strategies For Business Decisions
Authors: Ronald Hilton, Michael Maher, Frank Selto
3rd Edition
0072830085, 978-0072830088
