Not use ai please don't You have just received notification that you have wonthe $3.0 million first prize in the Centennial Lottery.However, the prize will be awarded on your 100thbirthday (assuming you're around to collect), 66 yearsfrom now. What is the present value of your windfall ifthe appropriate discount rate is 11 percent?a. $11,374.50b. $3,060.59c. $2,999.37d. $2,815.74e. $3,121.80

Step 1: The calculation of the present value AB1Lottery won (FV) $ 3,000,000.00 2Awarded after…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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es You have just received notification that you have won the $2 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday (assuming you're around to collect), 63 years from now. What is the present value of your windfall if the appropriate discount rate is 8 percent? Multiple Choice $14,425.18 $15,679.54 $15.993.13 $15,365.95 $40,135.54
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