Suppose the winner of a $15,000,000 sweepstakes will be paid $500,000 per year for 30 years,starting a year from now.The money earns 5% interest per year.The present value of the winnings is Compute the present value using the formula for the nth partial sum of a geometric series.Round your answer to two decimal places.
A)$36,941,323.46
B)$9,464,644.76
C)$24,627,548.97
D)$5,189,829.02
E)$7,686,225.51

Question

Suppose the winner of a $15,000,000 sweepstakes will be paid $500,000 per year for 30 years,starting a year from now.The money earns 5% interest per year.The present value of the winnings is  Compute the present value using the formula for the nth partial sum of a geometric series.Round your answer to two decimal places. ​
A)$36,941,323.46 
B)$9,464,644.76 
C)$24,627,548.97 
D)$5,189,829.02 
E)$7,686,225.51

Quizplus · Accepted Answer

The Answer of Suppose the winner of a $15,000,000 sweepstakes will be paid $500,000 per year for 30 years,starting a year from now.The money earns 5% interest per year.The present value of the winnings is  Compute the present value using the formula for the nth partial sum of a geometric series.Round your answer to two decimal places. ​
A)$36,941,323.46 
B)$9,464,644.76 
C)$24,627,548.97 
D)$5,189,829.02 
E)$7,686,225.51

Suppose the Winner of a $15,000,000 Sweepstakes Will Be Paid