Suppose the winner of a $4,000,000 sweepstakes will be paid $100,000 per year for 40 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)$6,852,274.09
B)$1,959,646.05
C)$4,568,182.73
D)$1,246,221.03
E)$1,715,908.64

Question

Suppose the winner of a $4,000,000 sweepstakes will be paid $100,000 per year for 40 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)$6,852,274.09 
B)$1,959,646.05 
C)$4,568,182.73 
D)$1,246,221.03 
E)$1,715,908.64

Quizplus · Accepted Answer

The Answer of Suppose the winner of a $4,000,000 sweepstakes will be paid $100,000 per year for 40 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)$6,852,274.09 
B)$1,959,646.05 
C)$4,568,182.73 
D)$1,246,221.03 
E)$1,715,908.64

Suppose the Winner of a $4,000,000 Sweepstakes Will Be Paid