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 $2 million now. 4 [0 s9 L) ~4 t; U( w) E; t8 Za) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.+ \& _3 J$ K; h8 P3 [3 `* \) e: d
Assume the following: 0 O5 i3 M- [& j" _8 ?# |- r = 0.06 (6 percent) 7 c: _* [; ~: x) G9 q- Interest is paid annually to the Lottery Corporation