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 $2 million now. ; ~' M/ }+ w# [8 Ua) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.$ ]8 g8 o2 D" O: `/ e6 D* F
Assume the following: 4 B4 F: D% l8 [. a, Z& `) N- r = 0.06 (6 percent) " c8 x4 U6 g( A5 {- c7 F- Interest is paid annually to the Lottery Corporation