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. % K1 T" `2 x9 t- l H2 na) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 9 t9 x' s7 \3 \% dAssume the following: $ u/ D5 z7 z/ c# o- Z/ T/ G- r = 0.06 (6 percent)& E4 H. S( k% }7 Z$ I- {
- Interest is paid annually to the Lottery Corporation