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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.5 Z4 x: A6 L, {8 i9 R4 A
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.
2 Z M4 Q- I; T8 G1 kAssume the following:& Z- }- U, ?, B( t! d# S) a
- r = 0.06 (6 percent)1 f% f! r/ J _5 C/ d' S- z, C- r
- Interest is paid annually to the Lottery Corporation |
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发表于 2010-1-24 22:43
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