Question: points Save Answer You have just won $100 million in the lottery, payable in equal yearly installments over the next 25 vears (first payment to

points Save Answer You have just won $100 million in the lottery, payable in equal yearly installments over the next 25 vears (first payment to be made a year later). Instead of taking the annual payments, you also have the option of receiving a lump sum amount immediately. If the interest rate is 5.25 percent per year, what is the minimum lump sum amount you would accepim place of the payments? $58,136,510.33 100 $57,445,252.2 = 4 each V$54,989 $54,989,879.94 year. st $57,876,848.64 $55,262,842.52
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
