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m January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. m December 31 of this year. The current interest rate is 5.5%. This information has been collected in the Microsoft Excel Online file. Open the spr the question below. X Open spreadsheet

m January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. m December 31 of this year. The current interest rate is 5.5%. This information has been collected in the Microsoft Excel Online file. Open the spr the question below. X Open spreadsheet

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Present value of an annuity On January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 5.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Determine the present value of your winnings. Round your answer to the nearest dollar. B
Transcribed Image Text:Present value of an annuity On January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 5.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Determine the present value of your winnings. Round your answer to the nearest dollar. B
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