Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, you win $4,800,000 in the state lott

On January 1, you win $4,800,000 in the state lottery. The $4,800,000 prize will be...

50.1K

Verified Solution

Question

Accounting

On January 1, you win $4,800,000 in the state lottery. The $4,800,000 prize will be paid in equal installments of $480,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of the current year. If the current interest rate is 6%, determine the present value of your winnings. Use Table 3. Round to the nearest whole dollar.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A recent study found that 64 children who watched a commercial for potato chips featuring a...

Statistics
Q

Givens (Questions 1

Physics
Q

ABC B select answer spiral valve duodenum valvular intestine select answer

Biology
Q

Jackson was offered a job that paid a salary of $93, 000 in its first...

Basic Math
Q

When a scientist conducted a genetics experiments with peas one sample of offspring consisted of...

Statistics
Q

me function f x 7 4 e 21 has one critical number Find the critical...

Calculus
Q

Graph the solution set on the number line 10 9 8 7 6 5 4...

Algebra
Q

Canada Snowcones Ltd. (CSL) owned and operated 20 retail frozen yogurt stores spread throughout Southern...

Accounting
Q

The following unadjusted Trial Balance for Shawn's Construction for year ended Dec 31, 2013. Beginning...

Accounting
Q

First part is done, need help for second part. Take the required data from part...

Accounting
Q

The following totals for the month of April were taken from the payroll records of...

Accounting
Q

Companies can erase opportunities of fraud by using different methods, briefly discuss these methods and...

Accounting