Question
Rita Gonzales won the $66 million lottery. She is to receive $2.3 million a year for the next 25 years plus an additional lump sum
Rita Gonzales won the $66 million lottery. She is to receive $2.3 million a year for the next 25 years plus an additional lump sum payment of $8.5 million after 25 years. The discount rate is 11 percent.
What is the current value of her winnings? UseAppendix BandAppendix Dfor 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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International Financial Management
Authors: Cheol S. Eun, Bruce G.Resnick
6th Edition
71316973, 978-0071316972, 78034655, 978-0078034657
