You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 35 years and the payments will increase by 2.1 percent per year. If the appropriate discount rate is 6.1 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.