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. $ q' P0 ^$ b7 f |- o* ^4 Ia) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.# ?4 b) K1 h. l+ w% N
Assume the following:. n& ]4 _% T4 p' j) V. D
- r = 0.06 (6 percent) 7 W& N; Z9 l9 ]& F- Interest is paid annually to the Lottery Corporation