Question
Present Value of an Annuity On January 1, 2016, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments
Present Value of an Annuity
On January 1, 2016, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31, 2016. If the current interest rate is 5%, determine the present value of your winnings. UseTable 2. Round to the nearest whole dollar.
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
