Question 1 A lottery claims its grand prize is $5,000,000 payable over 5 years at $1,000,000 per year. The first payment is made immediately. Based on this information: a) State the value of each yearly payment. b) State the value of the grand prize c) Use an interest rate of 3%. i) 1st payment payment payment payment payment vi) Value of grand prize ii) 2nd iii) 3rd iv) 4th (22 mark) (1 mark) (1 mark) (1 mark) (1 mark) (1/2 mark) v) 5th