Question: Often lottery winnings are divided into equal payments given annually for 20-25 years. So the present value of the winnings is worth less than the

Often lottery winnings are divided into equal payments given annually for

Often lottery winnings are divided into equal payments given annually for 20-25 years. So the present value of the winnings is worth less than the actual jackpot, depending on the rate at which money could be invested. Find the present value using the given conditions. Jackpot Amount Interest Rate Equal Annual Payments Present Value in dollars) $14,000,000 8% $14,000,000 20 12% 8% $14,000,000 $14,000,000 12% (Round to the nearest cent as needed.)

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