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. - f6 C2 G9 l- ]a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. . U# T d- }) P0 e: M) yAssume the following: 3 _5 Z4 w' s7 b! p& |0 b0 u) ]- r = 0.06 (6 percent)/ X% K' |* n) B! l& q3 b
- Interest is paid annually to the Lottery Corporation