Question: please explain solution and give correct answer TVM Question: You just discovered a winning lottery ticket in your coat pocket (congratulations!). The lottery jackpot is

please explain solution and give correct answer

TVM Question: You just discovered a winning lottery ticket in your coat pocket (congratulations!). The lottery jackpot is $45,000,000 and your winnings will be paid out in equal-sized installments of $1,800,000 paid at the end of each year for 25 years. How much is the jackpot worth today, assuming an annual interest rate of 7%? $45,000,000 $8,291,213 $20,976,450 $29,267,663

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