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Your girlfriend just won the Florida lottery. She has the choice of $11,500,000 today or a 20-year annuity of $1,050,000, with the first payment coming
Your girlfriend just won the Florida lottery. She has the choice of $11,500,000 today or a 20-year annuity of $1,050,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes.
The answer is : 6.58%
but my question is how do you solve this on a BA II plus financial calculator? or without a calculator?
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