Homework Answers
Monthly cashflows from lottery (PMT) =$3,500
No of monthly payments (N) = 180
Monthly interest rate (i) = 6%p.a. = 0.5% per month
Present Value of Lottery earnings (PV) = ?
Using financial calculator or PV function in excel,
Present Value of Lottery earnings (PV) = 414,762.30
Since firm is willing to pay $ 600,000 now over lottery earnings which have present worth of $414,762.30, I should accept the offer of firm. It's a good deal.
Thumbs up please if satisfied. :)
Comment if further doubts in above solution.
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