The winner of a lottery is awarded $ 6 , 0 0 0 , 0 0 0
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Question:
The winner of a lottery is awarded $ to be paid in annual installments of $ for years. Alternatively, the winner can accept a "cash value" onetime payment of $ The winner estimates he can earn annually on the winnings. What is the present value of the installment plan? Round your answer to two decimal places.
Related Book For
Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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