You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings
PV = paym( 1 - (1+i)^-n)/i
= 10000(1 - 1.08^-10)/.08
= $ 57,466.39
= 10000(1 - 1.08^-10)/.08
= $ 57,466.39