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 $2 million now.1 S# s' m# B9 f
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. ( n3 s3 U$ s9 R0 N3 o8 kAssume the following: * a8 l; i f+ ^! {: e7 R- r = 0.06 (6 percent): S: S: T" C$ q
- Interest is paid annually to the Lottery Corporation