Spivey just won the Powerball lottery! The $20,000,000 jackpot will be paid in 20 annual installments of

Question:

Spivey just won the Powerball lottery! The $20,000,000 jackpot will be paid in 20 annual installments of $1,000,000 each, with the first payment to be paid immediately. Spivey's opportunity (interest rate) is 6% per year. What is the present equivalent of Spivey's lottery winnings at the time of the first payment?
Cost Of Capital
Cost of capital refers to the opportunity cost of making a specific investment . Cost of capital (COC) is the rate of return that a firm must earn on its project investments to maintain its market value and attract funds. COC is the required rate of...