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Today is your lucky day! You've just won the $1 million main prize in the City of Pomona lottery. But there's a catch: the fineprint
Today is your lucky day! You've just won the $1 million main prize in the City of Pomona lottery. But there's a catch: the fineprint says that the money you won will be given to you on your hundredth birthday, which is 77 years from today. If the appropriate discount rate is 9 percent, what are your lottery winnings worth to you today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value
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