A lottery offers the winner the choice between a $250,000 cash prize or month-end payments of $1000
Question:
A lottery offers the winner the choice between a $250,000 cash prize or month-end payments of $1000 for 121 yews, increasing to $1500 per month for the subsequent 124 years. Which alternative would you choose if money can earn 3.66% compounded monthly over the 25-year period?
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Choose the alternative having the higher current economic value present value ...View the full answer
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