You have just won the Multi minus −State Lottery Jackpot of $500,000,000! You have the option of receiving a check for $25,000,000 every year at the end of the next 20 years. The lottery commission also allows you the option of receiving a one minus −time payment of $311,555,000 when you turn in the winning ticket. What is the approximate interest rate that the lottery commission is using to determine the one minus −time payment? 

A). 9% 

B). 8% 

C). 6% 

D). 5%

Answer rating: 100% (QA)

option D is correct effective interes... View the full answer