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Publishers Clearing House declared that you won $100 million! But it is payable in equal installments over the next 10 years, i.e., $10 million at
- Publishers Clearing House declared that you won $100 million! But it is payable in equal installments over the next 10 years, i.e., $10 million at the end of every year. If interest rate is 5% compounded annually, what is the present value of the winning?
- a. $77,217,349
- b. $95,238,095
- c. $100,000,000
- d. $125,778,925
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Finance Theory And Practice
Authors: Anne Marie Ward
4th Edition
191235036X, 978-1912350360
