Congratulations! You have won the Lottery For Life and are the proud winner of $1,000 per week for the rest of your life!! You have the option of accepting a cheque for $1000 per week until you die, or reach the age of 75, whichever comes sooner. Alternatively, you may accept a cash payout of $2 million now.# T9 `0 s& H g7 ~9 E) `
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 3 Y: G" X) `% U; t* C. u5 [Assume the following: " E3 R4 M2 [' D y$ K" ]+ A0 V- r = 0.06 (6 percent) % c: v( ?; f' ~" m) X9 z- Interest is paid annually to the Lottery Corporation