You win the lottery on July 1st, 2022! It is $1,000,000. But the thing is, they won't pay you that $1,000,000 all at once. They will pay you that money in ten equal annual installments of $100,000 each. The first payment will be on July 1st, 2022. This is not a risky investment. But still you prefer present to future. Your discount rate for these payments is 5 percent. What is the value of these payments to you on July 1st, 2022? Answer= dollars

You win the lottery on July 1st, 2022! It is $1,000,000. But the thing is, they won't pay you that $1,000,000 all at once. They will pay you that money in ten equal annual installments of $100,000 each. The first payment will be on July 1st, 2022. This is not a risky investment. But still you prefer present to future. Your discount rate for these payments is 5 percent. What is the value of these payments to you on July 1st, 2022? Answer= dollars

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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