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state lottery.

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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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