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You just won the lottery. Congratulations! The jackpot is $35,000,000, paid in twelve equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won

Respuesta :

Answer:

$25,343,040.52

Explanation:

For this question, we have to compute the present value that is shown on the attached spreadsheet.

Given that,  

Future value = $0

Rate of interest = 6.5%

NPER = 12

PMT = $35,000,000 ÷ 12 = $2,916,666.67

The formula is shown below:

= PV(Rate;NPER;-PMT;FV;type)

So, after solving this, the answer would be $25,343,040.52

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