Question: Answer 7,168,700 is wrong. g. A college student is reported in the newspaper as having won $12,500,000 in the Kansas State Lottery. However, as is

 Answer 7,168,700 is wrong. g. A college student is reported in

the newspaper as having won $12,500,000 in the Kansas State Lottery. However,

Answer 7,168,700 is wrong.

g. A college student is reported in the newspaper as having won $12,500,000 in the Kansas State Lottery. However, as is often the custom with lotteries, she does not actually receive the entire $12.5 million now. Instead she will receive $625,000 at the end of the year for each of the next 20 years. If the annual interest rate is 6%, what is the present value (today's amount) that she won? (ignore taxes). (Round your answer to nearest whole dollar.) g. Present value

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!