 鲜花( 0)  鸡蛋( 0)
|
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 $2 million now.. k, p6 }! H# Z. V: |. o2 U$ `
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.6 I- M: D+ u& y U
Assume the following:
( {* @, C3 t, f2 ^& H+ e- r = 0.06 (6 percent)- q! y# Q, M1 X+ W5 y0 j5 M
- Interest is paid annually to the Lottery Corporation |
|