On January 1, 2016, you win $3,120,000 in the state lottery. The $3,120,000 prize will be paid
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On January 1, 2016, you win $3,120,000 in the state lottery. The $3,120,000 prize will be paid in equal installments of $390,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31, 2016. If the current interest rate is 8%, determine the present value of your winnings.
Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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