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. 2 a" E) H0 Y( T7 \) {# Ia) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 9 d/ \3 }* |6 T/ f7 F2 n j' OAssume the following: % Q3 S$ G. U( `) Q! X0 V- r = 0.06 (6 percent)+ P- t; n8 [. h& J( z" q; o" f! W
- Interest is paid annually to the Lottery Corporation