Joan Lucky won the $80 million lottery. She is to receive $1 million a year for the
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Joan Lucky won the $80 million lottery. She is to receive $1 million a year for the next 50 years plus an additional lump-sum payment of $30 million after 50 years. The discount rate is 12 percent. What is the current value of her winnings?
Discount RateDepending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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