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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 $2 million now.& h( c' _' G) S$ q0 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.! }* y p5 k& w5 f
Assume the following:) _2 o) @5 v9 e7 ^( ]
- r = 0.06 (6 percent)
7 G, x" Q* l2 D4 g5 X2 u6 _- Interest is paid annually to the Lottery Corporation |
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发表于 2010-1-24 22:43
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