state lottery.
ou and 11 coworkers just won $6 million (500,000.00 each) from the state lottery. Assuming you each receive your share over 19 years and that the state lottery earns a 7 percent return on its funds, what is the present value of your prize before taxes if you request the ‘up-front cash’ option? (Note: Also assume an ordinary annuity—payments made at the end of each period.) The present value of your prize before taxes if you request the ‘up-front cash’ option is $_____?
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