A lottery prize of $2,250,000 per year, payable at the beginning of every year for 20 years can also be collected as a single lump sum payment of $23,500,000. What effective annual rate was used in the calculation of this value?

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The Answer of A lottery prize of $2,250,000 per year, payable at the beginning of every year for 20 years can also be collected as a single lump sum payment of $23,500,000. What effective annual rate was used in the calculation of this value?

A Lottery Prize of $2,250,000 Per Year, Payable at the Beginning