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 $2 million now.5 Z. z8 [0 f8 `1 a
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. . l! p) X2 h2 G9 M) NAssume the following: 0 k/ P" G- t' {* W/ F1 l- r = 0.06 (6 percent) % f$ o3 _$ b$ r2 H- Interest is paid annually to the Lottery Corporation