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.; X& b" O- P4 q3 _/ C3 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.5 t! _. x6 G( w
Assume the following:% T' k& u5 V. F5 |! M
- r = 0.06 (6 percent)8 k+ B4 z4 F* Z% {- w( W
- Interest is paid annually to the Lottery Corporation
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发表于 2010-1-24 22:43
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