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 $2 million now. / U- j6 d$ ^9 c: Ma) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.3 W: S a% W: R( @2 Q. X: X9 V x5 q# Z
Assume the following: " q& s+ Y0 n2 I+ }) y$ ~# |: z- r = 0.06 (6 percent) * ~* Q5 r8 M: W; b2 r9 R- Interest is paid annually to the Lottery Corporation