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. & q; ~ _4 R# Q+ Xa) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 9 h1 O* B6 W0 k8 }5 UAssume the following: $ P r7 x) h2 B- r = 0.06 (6 percent)) v* ~' b1 r+ d0 C- P
- Interest is paid annually to the Lottery Corporation