You just won the Ontario Lottery. You will receive $1 million today plus another 10 annual payments
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You just won the Ontario Lottery. You will receive $1 million today plus another 10 annual payments that increase by $275,000 per year. Thus, in one year you receive $1.275 million. In two years, you get $1.55 million, and so on. If the appropriate interest rate is 9 percent, what is the PV of your winnings?
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Related Book For 
Corporate Finance
ISBN: 978-0071339575
7th Canadian Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Ro
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