Question
On January 1, you win $58,000,000 in the state lottery. The $58,000,000 prize will be paid in equal installments of $7,250,000 over 8 years. The
On January 1, you win $58,000,000 in the state lottery. The $58,000,000 prize will be paid in equal installments of $7,250,000 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 6%.
Determine the present value of your winnings.
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Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
15th edition
1337272124, 978-1337515504, 1337515507, 978-1337272155, 978-1337272124
