Question
You just won a lottery that makes payment at the end of the year for 22 years. The first payment will be $15,433 and
You just won a lottery that makes payment at the end of the year for 22 years. The first payment will be $15,433 and will be paid one year from today. Every year thereafter, the payments will increase by 2 percent annually. What is the present value of your prize at a discount rate of 9.1 percent? (Do not round any intermediate calculations. Round your final answer to 2 decimal places and enter it in the box below.)
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Financial Accounting An Integrated Statements Approach
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2nd Edition
324312113, 978-0324312119
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