Question
Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount divided equally over 19 years or as alump-sum cash option
Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount divided equally over 19 years or as alump-sum cash option amount. The cash option amount is determined by discounting the annual winning payment at 4% over 19 years. This week the lottery is worth $11 million to a single winner. What would the cash option payoutbe?
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Fundamentals Of Financial Management
Authors: Richard Bulliet, Eugene F Brigham, Brigham/ Houston
11th Edition
1111795207, 9781111795207
