Question: SUMMER 2 0 2 4 MARKS MATH 1 1 9 TEST 4 D PAGE 3 AIS 3 . The winner of a lottery has the

SUMMER 2024
MARKS
MATH119 TEST 4D
PAGE 3 AIS
3. The winner of a lottery has the option of receiving $455,000 in cash now or annual payments of $60,000 at the end of each year for 10 years. Money is worth 5.25% compounded quarterly.
(8)
In terms of today's dollar,
a) which lottery payout option is better and
SUMMER 2024 MARKS MATH119 TEST 4D PAGE 3 AIS 3. The

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