Saturday 27 October 2012

Dana Gode has just won the lottery and has been promised an annual payment of $30,000 every year forever starting one year from today. If the annual interest rate is 8.9%, what is the present value of the winnings? Answer a. $337,078.65 b. $733,870.30 c. $778,490.24 d. $2,670.01

Dana Gode has just won the lottery and has been promised an annual payment of $30,000 every year forever starting one year from today. If the annual interest rate is 8.9%, what is the present value of the winnings?
Answer
a. $337,078.65
b. $733,870.30
c. $778,490.24
d. $2,670.01



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