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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.
- s9 {, [2 E8 Q4 d. Ga) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.
- N4 z! M! e7 t+ v4 {Assume the following:) k1 n5 N# |% _& f
- r = 0.06 (6 percent)
$ X0 j* j; u9 k7 C7 _# V' D- Interest is paid annually to the Lottery Corporation |
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