Thursday
April 17, 2014

Homework Help: Math

Posted by Nick on Sunday, December 12, 2010 at 6:35pm.

A lottery prize worth $1,000,000 is awarded in payments of $10,000 five times a year for 20 years. Suppose the money is worth 20% compounded five times per year.

What is the formula used to find the present value of the prize?

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