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 $2 million now. ) r4 j2 n2 L* k1 Z2 {a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 9 O O& O9 ?" R5 }3 e" k' aAssume the following:* U1 ]; k/ j* A! y# t
- r = 0.06 (6 percent)- ]8 y0 ?$ O8 n7 v
- Interest is paid annually to the Lottery Corporation