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[solution]: Chris Marlowe just won the state lottery which promises to pay


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Chris Marlowe just won the state lottery which promises to pay him $1,500 per year for 20 years, starting from today, and $1,850 per year for years 21-45, given a 6.75% discount rate.  Your company wants to purchase the proceeds from the lottery from Chris.  What is the most that your company can offer?

a.

$23,673.45

b.

$22,176.53

c.

$24,876.43

d.

$18,484.98

 


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This question was answered on: Dec 18, 2020

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