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 A0 @2 G; x% K# Z
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 n0 P! D; ]5 b5 iAssume the following: 2 R4 _7 M5 E3 a1 U# F& j- r = 0.06 (6 percent) 8 B8 N- c" h% A2 ~- Interest is paid annually to the Lottery Corporation