Business, 12.07.2019 19:20 nommies005
Bill jones has just won the state lottery and has the following three payout options for after -tax prize money:
1. $170, 000 per year at the end of each of the next six years
2. $300, 000 (lump sum) now
3. $502, 000 (lump sum) six years from now
the annual discount rate is 9%. compute the present value of the first option. (round your answer to the nearest whole dollar.)
present value of an ordinary annuity of $1:
8%
9%
10%
1
0.926
0.917
0.909
2
1.783
1.759
1.736
3
2.577
2.531
2.487
4
3.312
3.240
3.170
5
3.993
3.890
3.791
6
4.623
4.486
4.355
7
5.206
5.033
4.868
present value of $1:
8%
9%
10%
1
0.926
0.917
0.909
2
0.857
0.842
0.826
3
0.794
0.772
0.751
4
0.735
0.708
0.683
5
0.681
0.650
0.621
6
0.630
0.596
0.564
7
0.583
0.547
0.513
a. $451, 850
b. $850, 000
c. $470, 000
d. $762, 620
Answers: 3
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