Suppose you played a number picking game from the Lottery. Your lucky numbers are your five most recent test scores from this and other courses. As luck would have it, those numbers won you the jackpot. After having your picture taken with a giant fake cardboard check, the Lottery offers you an annuity consisting of 20 payments of $150,000, with the first payment received immediately after your photo session and 19 additional payments each year thereafter. Assuming a discount rate of 5%, what is the total value of your jackpot in present value terms? Write the answer below without dollar signs or commas, and express the answer to the nearest cent.
Suppose you played a number picking game from the Lottery. Your lucky numbers are your five most recent test scores from this and other courses. As luck would have it, those numbers won you the jackpot. After having your picture taken with a giant fake cardboard check, the Lottery offers you an annuity consisting of 20 payments of $150,000, with the first payment received immediately after your photo session and 19 additional payments each year thereafter. Assuming a discount rate of 5%, what is the total value of your jackpot in present value terms? Write the answer below without dollar signs or commas, and express the answer to the nearest cent.
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
Problem 1PS
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Suppose you played a number picking game from the Lottery. Your lucky numbers are your five most recent test scores from this and other courses. As luck would have it, those numbers won you the jackpot.
After having your picture taken with a giant fake cardboard check, the Lottery offers you an
Assuming a discount rate of 5%, what is the total value of your jackpot in
Write the answer below without dollar signs or commas, and express the answer to the nearest cent.
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