Devin won the lottery however, the lottery company gave him the following two options to receive his prize money option (a) $8,000 in two months and $14,000 in eight months option (b) $4,000 immediately and $20,000 in ten months assume that money earns 35 pa simple interest and use today as the focal date a what was the equivalent value of the payments under option (a) at the focal date $000 round to the nearest cent b what was the equivalent value of the payments under option (b) What was the equivalent value of the payments under option (b) at the focal date? 

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We are given following Simple Interest Rate 45 pa Present Value of simple ... View the full answer