Homework Assignment – Week 2
A lottery claims their grand price is $10 million, payable over 20 years at $500,000 per year. If the first payment is made immediately, what is this grand prize really worth? Use an interest rate of 6%. In excel you can use the function PV(0.06,20,500000,,1) = 6,079,058. Alternatively you can lay out 20 cashflows in excel and discount each one ... ................
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