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 $2 million now. 0 [$ l' G- Q1 K2 b: ~) p4 Ra) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.3 p: u# v$ d7 ^/ b+ Y4 x2 d" A
Assume the following:% f$ M- J0 R+ f$ {. _: V# @$ Z
- r = 0.06 (6 percent) C b5 b& D3 C8 p* y- Interest is paid annually to the Lottery Corporation