Question: Assume the same data as in Appendix 1 Exercise 1419, except that the current interest rate is 13%. Data From Exercise 14-19: On January 1,

Assume the same data as in Appendix 1 Exercise 14–19, except that the current interest rate is 13%.

Data From Exercise 14-19:

On January 1, 2012, you win $110,000,000 in the state lottery. The $110,000,000 prize will be paid in equal installments of $11,000,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31, 2012. If the current interest rate is 6.5%, determine the present value of your winnings. Use the present value tables in Appendix A.

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