Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. the clearinghouse sweepstakes has just informed yo

The Clearinghouse Sweepstakes has just informed you that you have won $1 million. The amount...

90.2K

Verified Solution

Question

Finance

The Clearinghouse Sweepstakes has just informed you that you have won $1 million. The amount is to be paid out at the rate of $68,000 a year for the next 18 years. With a discount rate of 11 percent, what is the present value of your winnings? Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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

Biology
1.2K views

-Do all mutation change the phenotype? -conjugattion requires a virus (phage for bacteria) to be able to transfer...

Biology
1.2K views

MAS ID PHOTO A nible G www www 0 00 0 17 M BE A...

Biology
1.2K views

What is the START codon Can you locate the START codon above What is the...

Physics
1.2K views

A particle is projected vertically upwards and it reaches the maximum height H in T...

Geometry
1.2K views

16 3 15 17 7 18 12 e

Basic Math
1.2K views

An airplane flew from Chicago to San Francisco in 3.9 hours. If the cities are...

Algebra
1.2K views

Samantha sold 34 bags of popcorn for a fundraiser. If the mean number of bags...

Accounting
1.2K views

Please do all the journal entries all 1-13 it's all part of number 2 ...

Accounting
1.2K views

please answer the two questions without an answer first i have attached the tables as...

Accounting
1.2K views

what is the current ratio? (1:1) what is the debt ratio? (%) please show work...

Accounting
1.2K views

Can you show how you got the costs incurred during march and the ending WIP?

Accounting
1.2K views

Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on...