You win a million- dollar lottery to be paid out in 20 annual installments of $50,000 over
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You win a million- dollar lottery to be paid out in 20 annual installments of $50,000 over the next 20 years. Assuming an interest rate of 6 percent, how large a payment would you accept today for this future stream of income?
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The present value of a future stream of payments is the sum of the disco...View the full answer
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Related Book For 
Financial System Of The Economy Principles Of Money And Banking
ISBN: 9780765622464
5th Edition
Authors: Maureen Burton,Bruce Brown
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