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.! x0 \3 d+ E5 ?
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.4 E- A# W& o) Y' ?
Assume the following: + n/ R- ~ n& b. f- r = 0.06 (6 percent) + X- d6 t( e! V- Interest is paid annually to the Lottery Corporation