FACTOR TABLE

Problem 9-20 Marge Simons won a $17,100,000 lottery and elected to receive her winnings in 30 equal installments. After receiving the first 10 installments, Marge and her husband divorced, and the remaining 20 payments became part of the property settlement. The judge who presided over the divorce proceedings awarded one-half interest in the future lottery payments to Marge and the other half to her ex- husband Following the divorce, Marge decided to sell her interest in the 20 remaining lottery payments to raise the cash needed to open a flower store. An investor has offered Marge $2,426,376 Click here to view the factor table What discount rate did the investor use in calculating the purchase price? Discount rate