EBK FOUNDATIONS OF FINANCIAL MANAGEMENT
EBK FOUNDATIONS OF FINANCIAL MANAGEMENT
17th Edition
ISBN: 9781260464900
Author: BLOCK
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Chapter 9, Problem 17P

The Clearinghouse Sweepstakes has just informed you that you have won $1 million.

The amount is to be paid out at the rate of $20,000 a year for the next 50 years. With a discount rate of 10 percent, what is the present value of your winnings?

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EBK FOUNDATIONS OF FINANCIAL MANAGEMENT

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