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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 $2 million now.. _) y. U$ e) K4 q, s
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.
( P3 L. f" A+ ZAssume the following:% j; X' l6 O" s+ `9 V0 w1 J( m
- r = 0.06 (6 percent)
3 l k; \+ B8 e, w9 E! v2 i- z- Interest is paid annually to the Lottery Corporation |
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发表于 2010-1-24 22:43
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