Please don't provide handwritten solution ..... contest advertises a $1,2000,000 prize. The winner will be paid out on the following schedule:222,000 today, $214,000 one year from now, and $152,800 per year thereafter until 6 years from nowotaling $1,200,000 paid out). If money can earn 9% compounded annually, what is the value of theize today?

Here we apply compound interest formula.

Answered: test advertises a $1,2000,000 prize.…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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test advertises a $1,2000,000 prize. The winner will be paid out on the following schedule: ,000 today, $214,000 one year from now, and $152,800 per year thereafter until 6 years from now ling $1,200,000 paid out). If money can earn 9% compounded annually, what is the value of the today?