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 $2 million now." n8 G2 E9 h4 M6 g4 t
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. . H- W7 a9 N, z+ l2 ~$ h2 aAssume the following: 6 `. G8 O0 r$ V ^( z- r = 0.06 (6 percent) # B- L% h% s# b- Interest is paid annually to the Lottery Corporation