An ordinary annuity selling at $2,514.15 today promises to make
equal payments at the end of each year for the next eight years
(N). If the annuity’s appropriate interest rate (I) remains at
8.00% during this time, the annual annuity payment (PMT) will be
.
You just won the lottery. Congratulations! The jackpot is $10,000,000, paid in eight equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won —assuming annual interest rate of 8.00%. (Note: Round intermediate calculations to the nearest whole number.)
You just won the lottery. Congratulations! The jackpot is $10,000,000, paid in eight equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won —assuming annual interest rate of 8.00%. (Note: Round intermediate calculations to the nearest whole number.)
