Present Value. Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount di equally over 18 years or as a lump-sum cash option amount. The cash option amount is determined by discour annual winning payment at 7% over 18 years. This week the lottery is worth $24 million to a single winner. Wha the cash option payout be? The cash option payout would be $ (Round to the nearest cent.) (Use your financial calculator or you may Financial Tables in Appendix C in computing your answer, and round to the nearest cent.)

Present Value. Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount di equally over 18 years or as a lump-sum cash option amount. The cash option amount is determined by discour annual winning payment at 7% over 18 years. This week the lottery is worth $24 million to a single winner. Wha the cash option payout be? The cash option payout would be $ (Round to the nearest cent.) (Use your financial calculator or you may Financial Tables in Appendix C in computing your answer, and round to the nearest cent.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.20MCE

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