Calculate the annual effective rate of return the lump sum, Financial Management

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Calculate the annual effective rate of return the lump sum

The lump sum payment of a lottery is $124,100,000.

Rather than receiving a lump sum payout, the winnings are paid in 30 annual payments. The first payment of 6.5 million is made immediately. Payments increase by 4% per year, thereafter.

Calculate the annual effective rate of return the lump sum must earn to generate these 30 annual payments?

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Financial Management: Calculate the annual effective rate of return the lump sum

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Financial Management: Calculate the annual effective rate of return the lump sum

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