The 630 million lottery payment that you just won actually, Ask an Expert

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The $63.0 million lottery payment that you just won actually pays $3.5 million per year for 18 years. If the discount rate is 12.60% and the first payment comes in 1 year.

a. What is the present value of the winnings? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

Present value $ _____ in millions

b. What is the present value of the winnings, if the first payment comes immediately? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

Present value $ _____ in millions

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92076916

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