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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.% z7 x, E) n% r. ~
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.# h: h. h( F" o: G" _6 U9 w s
Assume the following:* ]& j9 L- |8 Z; z
- r = 0.06 (6 percent)9 e# x6 [! ~2 i& T
- Interest is paid annually to the Lottery Corporation |
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发表于 2010-1-24 22:43
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