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The $37.7 million lottery payment that you just won actually pays $2.9 million per year for 13 years. If the discount rate is 8.00% and
The $37.7 million lottery payment that you just won actually pays $2.9 million per year for 13 years. If the discount rate is 8.00% and the first payment comes in 1 year. a. What is the present value of the winnings? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value $ million b. What is the present value of the winnings, if the first payment comes immediately? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value $
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