Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. present value of an annuity on january 1, you win

Present Value of an Annuity On January 1, you win $960,000 in the state lottery....

90.2K

Verified Solution

Question

Accounting

Present Value of an Annuity On January 1, you win $960,000 in the state lottery. The $960,000 prize will be paid in equal installments of $120,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 5%, determine the present value of your winnings. Use the present value tables in Exhibit 7. 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

Accounting
1.2K views

Baxter company failed to accrue $30,000 of salary expense at theend of 2017. The...

Basic Math
1.2K views

Find the equations of the line in the half-plane model of the hyperbolic plane that passes...

Basic Math
1.2K views

Contracts for two construction jobs are randomly assigned to one or more of three firms A,...

Physics
1.2K views

16 Photoelectric effect experiments are performed using three different metal plates p q and r...

Geometry
1.2K views

A slide 4 1 meters long makes an angle of 350 with the ground To...

Algebra
1.2K views

Express the expanded form as a 5 10 0 10 0 10 1 1 O...

Algebra
1.2K views

Review What could be the next step in solving the following equation for x 3x...

Algebra
1.2K views

The mean age of a group of students is 17 and the standard deviation is...

Accounting
1.2K views

Midland Company buys tiles and prints different designs on them for...

Accounting
1.2K views

In 2018, a company was planning to launch a new project in Canada. The cost...

Accounting
1.2K views

Exercise 10A-6 Predetermined Overhead Rate [L010-4] Lasser Company plans to produce 29,000 units next period...

Finance
1.2K views

www Q33 Yes anuance representative, hus drawn up a recommendation for a client. He Yo...