Solved: Winners of the georgia lotto drawing are given the choice, Accounting Basics

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Winners of the georgia lotto drawing are given the choice

Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount divided equally over 18 years or as a lump-sum cash option amount. The cash option amount is determined by discounting the annual winning payment at 9% over 18 years. This week the lottery is worth $15 million to a single winner. What would the cash option payout be?

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Accounting Basics: Winners of the georgia lotto drawing are given the choice

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