In early 2019, the Powerball lottery was advertised as having a payoff of $750,000,000. The winner was given the choice of receiving $465,500,000 at once or equal annual payments over the next 30 years that would total $750,000,000. Assume that the winner receives each of the equal annual payments as a lump-sum payment at the end of each year. Source: Zack Friedman, "Do This Next if You Win the $750 Million Powerball Jackpot," forbes.com, March 25, 2019. (This question is difficult and requires the use of a financial calculator or a spreadsheet. Hint: If you are familiar with the Excel spreadsheet program, questions b and c can be answered by using the Excel PV (Present Value) function and question d can be answered using the RATE function.) a. Is the lottery being accurate in stating that the winner will receive $750,000,000? Briefly explain.

In early 2019, the Powerball lottery was advertised as having a payoff of $750,000,000. The winner was given the choice of receiving $465,500,000 at once or equal annual payments over the next 30 years that would total $750,000,000. Assume that the winner receives each of the equal annual payments as a lump-sum payment at the end of each year. Source: Zack Friedman, "Do This Next if You Win the $750 Million Powerball Jackpot," forbes.com, March 25, 2019. (This question is difficult and requires the use of a financial calculator or a spreadsheet. Hint: If you are familiar with the Excel spreadsheet program, questions b and c can be answered by using the Excel PV (Present Value) function and question d can be answered using the RATE function.) a. Is the lottery being accurate in stating that the winner will receive $750,000,000? Briefly explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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