You just won the lottery! As your prize you will receive $1,500 a month for 100 months starting at the end of this month.If you can earn 8 percent,compounded monthly,what is this prize worth to you today?

Name: You just won the lottery! As your prize you will receive $1,500 a month for 100 months starting at the end of this month.If you can earn 8 percent,compounded monthly,what is this prize worth to you today?
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

PV = $1,500({1 - 1/[1 + (.08/12)]¹⁰⁰}/(.08/12))= $109,225.29

You Just Won the Lottery! as Your Prize You Will