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.& w* [% v ]- T5 s3 A
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.3 ~6 u; `7 ?8 L. t; T% R" a8 R. {
Assume the following:) P4 O* N" K; n& U" W" K+ N. G& u0 P. R
- r = 0.06 (6 percent) 7 Q( H/ }: U0 j- Interest is paid annually to the Lottery Corporation
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发表于 2010-1-24 22:43
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