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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 m" s" N& s) _0 u/ s7 _. ^6 `
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.
% O: q* H3 R: i8 s I" sAssume the following:
, R6 ? V% F4 a6 S8 h! d. D3 W- r = 0.06 (6 percent)8 e# |" K# b; s8 \( Q
- Interest is paid annually to the Lottery Corporation |
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发表于 2010-1-24 22:43
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