Mr miser loans money at an annual rate of 18 percent, Financial Management

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Mr miser loans money at an annual rate of 18 percent

a. You have just won the lottery and will receive $570,000 in one year. You will receive payments for 29 years, which will increase 3 percent per year. The appropriate discount rate is 11 percent

Required: What is the present value of your winnings?

b. Mr. Miser loans money at an annual rate of 18 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?

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