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The winner of the San Francisco State University Lottery will receive $4800 per month indefinitely (i.e. for ever). The winner has the need of a
The winner of the San Francisco State University Lottery will receive $4800 per month indefinitely (i.e. for ever). The winner has the need of a fairly large sum of money immediately for an investment of his/her own, and has asked the lottery administrator to pay off the award in a lump-sum amount now. Calculate the Lump sum amount if an interest rate of 0.25% per month is used to calculate the lump sum amount.
The correct answer is: 1920000
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