Jos won $4,000,000 from the Puerto Rico lotto and will receive a check for $ 200,000 now
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Jos won $4,000,000 from the Puerto Rico lotto and will receive a check for $ 200,000 now and a similar check every year for 19 years. To guarantee these payments, the electronic Lottery purchased an anticipated annuity at an interest rate of 10% compounded monthly. How much did the annuity cost the electronic Lottery?
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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