Question
Present value of an annuity On January 1, you win $31,500,000 in the state lottery. The $31,500,000 prize will be paid in equal installments of
Present value of an annuity
On January 1, you win $31,500,000 in the state lottery. The $31,500,000 prize will be paid in equal installments of $5,250,000 over 6 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 6.5%.
Determine the present value of your winnings. Round your answer to the nearest dollar.
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Empirical Finance For Finance And Banking
Authors: Robert Sollis
1st Edition
047051289X, 978-0470512890
