A lottery prize consists of annual payments of $5000 at the start of each year for 10
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A lottery prize consists of annual payments of $5000 at the start of each year for 10 years. (The first payment will be made today.) What single lump sum payment today would represent an equivalent lottery prize in place of the scheduled 10 annual payments? Assume money earns 4.25% compounded annually.
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Given PMT 5000 n 110 10 i 425 425 11...View the full answer
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