Question
Suppose a state lottery prize of $9 million is to be paid in 20 payments of $450,000 each at the end of each of the
Suppose a state lottery prize of $9 million is to be paid in 20 payments of $450,000 each at the end of each of the next 20 years. If money is worth 8%, compounded annually, what is the present value of the prize? (Round your answer to the nearest cent.) $
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Public Finance
Authors: Harvey S Rosen
7th Edition
0072876484, 978-0072876482
