A lottery pays the winner 1 million in 20 equal payments of, Microeconomics

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A lottery pays the winner 1 million in 20 equal payments of

Question: The first lottery payment in Problem will not be received until the end of the third year. What is the present worth if the interest rate is 12%?

Problem: A lottery pays the winner $1 million, in 20 equal payments of $50,000. The payments are received at the end of the year, and the winner's interest rate is 12%. What is the present worth of the winnings?

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Microeconomics: A lottery pays the winner 1 million in 20 equal payments of

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