Winners of lotteries receive the jackpot distributed over a period of years, usually 20 or 25 years.
Question:
(a) How much money would the winners have received at the beginning of each of the 25 years?
(b) If the value of money was 5.91%, compounded annually, what one-time payout did they receive in lieu of the annual payments?
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a R 2957 25 million 111828000 b R 118...View the full answer
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Related Book For 
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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