Sharon Kabana has won a state lottery for which she will receive a payment of $91,929.39 every
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Sharon Kabana has won a state lottery for which she will receive a payment of $91,929.39 every year, starting today for the next 20 years. If she normally invests at a rate of 5.73 percent, the present value of the annuity cash flows that she will receive is $.
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...
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Annuity due 9192939 ...View the full answer
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Related Book For 
Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
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