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 $2 million now. & H5 ]2 v/ }8 V) U, v! @a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 8 V& ~: r3 Z- J$ _/ JAssume the following:# t( x; n# V. \5 O2 t
- r = 0.06 (6 percent) % Z/ _9 C! j8 M( Y+ X R7 u- Interest is paid annually to the Lottery Corporation