The problem:
You just won the lottery. The jackpot is 10 million, paid in 20 equal, annual payments starting today. In present-value terms, how much did you really win? Use an annual interest rate of 6.6%.
Any clues?
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The problem:
You just won the lottery. The jackpot is 10 million, paid in 20 equal, annual payments starting today. In present-value terms, how much did you really win? Use an annual interest rate of 6.6%.
Any clues?
I get about 4.3 million.
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