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 $2 million now.$ a' I6 w5 g" x" ~7 g0 {# v& F- r0 t3 g% k
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. ' t. d2 W: z- j) y9 }' ^) P3 PAssume the following:0 H! Z) X4 i4 B* l1 u' t0 B s8 c
- r = 0.06 (6 percent)5 R. f9 \7 O3 @2 D& ^
- Interest is paid annually to the Lottery Corporation