Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rita gonzales won the $62 million lottery. she is

Rita Gonzales won the $62 million lottery. She is to receive $2.8 million a year...

50.1K

Verified Solution

Question

Accounting

Rita Gonzales won the $62 million lottery. She is to receive $2.8 million a year for the next 20 years plus an additional lump sum payment of $6 million after 20 years. The discount rate is 14 percent. What is the current value of her winnings? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

2.5 7.In a survey of college​ students, each of the following was found. Of these​ students, 356356 owned a​...

Advance Math
Q

Q1: Justify how young’s modulus of material is considered as important for materials Write by microsoft word...

Civil Engineering
Q

Click on the diagram for the intersection of sets A and B A A Selected...

Basic Math
Q

The integral Tea e e sin 80 de can be best matched by formula number...

Calculus
Q

sider the mathematical system defined in the table Assume that the associative property holds for...

Algebra
Q

Auditing Apollo Shoes, Inc. is an audit case designed to introduce you to...

Accounting
Q

As of January 1, Retained Earnings had a credit balance of $38,700. During the year,...

Accounting
Q

Jacarta Co buys equipment for $80,000 on 1 January 20X1 and depreciates it on a...

Accounting
Q

Part of your job is to review customer requests for credit You have three new...

Accounting
Q

The following data pertain to a company's four major products: A 10% increase in unit...

Accounting
Q

Use present value tables to compute the present value of $800,000 to be paid in...

Accounting
Q

Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs...

Accounting