The New York State Lottery Commission ran the following advertisement in a number of New York newspapers:
Question:
The Lotto jackpot for Wednesday, August 25, 1999, will be $3 million including interest earned over a 20-year payment period. Constant payments will be made each year.
Explain the meaning of this advertisement in your own words. Evaluate the “fairness” of this advertisement. Could anyone be misled? Do you agree that the lottery winner has won $3 million? If not, what amount is more accurate? State any assumptions you make.
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The jackpot does not have a present value of 3 million The payments ...View the full answer
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