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Rita Gonzales won the $56 million lottery. She is to receive $1.7 million a year for the next 25 years plus an additional lump sum
Rita Gonzales won the $56 million lottery. She is to receive $1.7 million a year for the next 25 years plus an additional lump sum payment of $13.5 million after 25 years. The discount rate is 9 percent. What is the current value of her winnings? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
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