Question
Present value of an annuity On January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of
Present value of an annuity
On January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 4.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.
Determine the present value of your winnings. Round your answer to the nearest dollar.
$ fill in the blank 2
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
