The winner of a 1000000 lotto jackpot receives 50000 a year


Question: The winner of a $1,000,000 Lotto Jackpot receives 50,000 a year for 20 years. Assume the $50,000 is a continuous uniform stream over the year. If money earns 4% interest compounded continuously, what is the lump sum amount that is paid off immediately?

Solution Preview :

Prepared by a verified Expert
Mathematics: The winner of a 1000000 lotto jackpot receives 50000 a year
Reference No:- TGS02375718

Now Priced at $10 (50% Discount)

Recommended (96%)

Rated (4.8/5)