You have just won the lottery and will receive 570000 in, Ask an Expert

Finance

You have just won the lottery and will receive $570,000 in one year. You will receive payments for 29 years, which will increase 3 percent per year. The appropriate discount rate is 11 percent

Required:

a. What is the present value of your winnings?

b. Mr. Miser loans money at an annual rate of 18 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92301305

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