Present value of an annuity On January 1 , you win $4,100,000 in the state...
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Present value of an annuity On January 1 , you win $4,100,000 in the state lottery. The $4,100,000 prixe will be paid in equal instaliments of $410,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 7%, determine the present value of vour winnings. Use the present value tables in Fxhibit 7 . Round to the nearest whole dollar. Exhibit 7 Present Value of an Annuity of \$1 at Compound Interest
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