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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 $2 million now.& b; a" z) [; _6 E! ^2 `, n
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.
: l- J. w5 Q& o4 M! I0 w4 }Assume the following:7 y5 A4 h \5 n* Q F
- r = 0.06 (6 percent). o3 _, l" ^7 J$ O$ t
- Interest is paid annually to the Lottery Corporation |
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发表于 2010-1-24 22:43
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