A lottery offers you a choice of $1,000,000 per year for 7 years or a lump-sum payment. What lump-sum payment (rounded to the nearest dollar) would equal the annual payments if the current interest rate is 12% compounded annually?
$ __________
Correct Answer:
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Q1: A lottery offers you a choice of
Q2: State the type and answer the question.
Q3: If $3,000 is compounded annually at 6.5%
Q4: State the type and answer the question.
Q5: Consider the 35-year fixed-rate home loan of
Q7: What is the monthly payment for a
Q8: Consider the 30-year fixed-rate home loan of
Q9: Use a calculator to evaluate the present
Q10: Major Magic Corporation deposits $1,500 at the
Q11: Use a calculator to evaluate the amortization
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