On January 1, you win $58,000,000 in the state lottery. The $58,000,000 prize will be paid in equal installments of $7,250,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 6%.
Determine the present value of your winnings.

Answer rating: 100% (QA)

To calculate the present value PV of your lottery winnings we can use the Present Valu... View the full answer