Accounting: What the Numbers Mean 11th Edition by Wayne McManus,Daniel Viele,David Marshall

Exercise 14

Present value calculations Congratulations! You have just won $1 billion in the largest Powerball jackpot payoff ever! You will receive payments of $50,000,000 per year for the next 20 years.
Required:
Using a present value table, your calculator, or a computer program present value function, calculate the present value of your lottery winnings, assuming an interest rate of 6%.