On January 1 you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid...
On January 1 you win $50,000,000 in the state lottery. The
$50,000,000 prize will be paid in equal installments of $6,250,000
over eight years. The payments will be made on December 31 of each
year, beginning on December 31 of this year. If the current
interest rate is 5%, determine the present value of your winnings.
Use the present value tables in Exhibit 7. Round to the nearest
whole dollar.
Exhibit 7: 8 periods at 6.46321
Homework Answers
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.
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On January 1 you win $50,000,000 in the state lottery. The
$50,000,000 prize will be paid...
Present Value of an Annuity On January 1, you win $50,000,000 in the state lottery. The...
Present Value of an Annuity On January 1, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 5%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.
On January 1, 2016, you win $50,000,000 in the state lottery. The $50,000,000 prize will be...
On January 1, 2016, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31, 2016. If the current interest rate is 5%, determine the present value of your winnings. Use Table 2. Round to the nearest whole dollar.
On January 1, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid...
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Present Value of an Annuity 1) On January 1, 2016, you win $2,600,000 in the state lottery. The $2,600,000 prize will be paid in equal installments of $260,000 over 10 years. The payments will be made...
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Present Value of an Annuity On January 1, you win $1,360,000 in the state lottery. The $1,360,000 prize will be paid in equal installments of $170,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 5%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.
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