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The winner of a Fifty-million dollar lottery prize is actually entitled to payments of $500,000 at the end of every six months for 50 years.
The winner of a "Fifty-million dollar" lottery prize is actually entitled to payments of $500,000 at the end of every six months for 50 years. The winner can select to receive a single lump sum payment equal to the present value of these payments calculated using a rate of 9.8% compounded semiannually. What would be the amount of the single payment
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Business Mathematics In Canada
Authors: Ernest Jerome
7th edition
978-0071091411, 71091416, 978-0070009899
