You have just received notification that you have won the $1.25 million first prize in the...
You have just received notification that you have won the $1.25 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday, 79 years from now. The appropriate discount rate is 6.4 percent. What is the present value of your winnings?
Homework Answers
Present value of inflows=cash inflow*Present value of discounting factor(rate%,time period)
=1,250,000/1.064^79
=1,250,000*0.00744065882
=$9300.82(Approx).
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