The lottery commission is offering the winner of a recent jackpot a payout of 15...
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The lottery commission is offering the winner of a recent jackpot a payout of 15 yearly payments $209,000 with the first payment occurring one year from today. As an alternative, the commission would also like to offer the winner (and their heirs) a series of yearly payments every year in perpetuity, again with the first payment occurring one year from today. If the commission uses a discount rate of 5%, what payment should the commission offer in the second option in order to make the two options equivalent in present value terms? Enter your answer as a positive number and round to the nearest dollar. Type your answer... 
The lottery commission is offering the winner of a recent jackpot a payout of 15 yearly payments $209,000 with the first payment occurring one year from today. As an alternative, the commission would also like to offer the winner (and their heirs) a series of yearly payments every vear in perpetuity, again with the first payment occurring one year from today. If the commission uses a discount rate of 5%, what payment should the commission offer in the second option in order to make the two options equivalent in present value terms? Enter your answer as a.positive number and round to the nearest dollar
The lottery commission is offering the winner of a recent jackpot a payout of 15 yearly payments $209,000 with the first payment occurring one year from today. As an alternative, the commission would also like to offer the winner (and their heirs) a series of yearly payments every year in perpetuity, again with the first payment occurring one year from today. If the commission uses a discount rate of 5%, what payment should the commission offer in the second option in order to make the two options equivalent in present value terms? Enter your answer as a positive number and round to the nearest dollar. Type your answer...
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