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. / ?# u# V. D+ d# Ra) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.5 u& S1 I- f4 [+ h+ c% M
Assume the following:) L! B/ d2 h- a" R- y
- r = 0.06 (6 percent) * v5 U3 R! P; O) A8 {- Interest is paid annually to the Lottery Corporation