Solved

Suppose the Winner of a $15,000,000 Sweepstakes Will Be Paid

Question 154

Multiple Choice

Suppose the winner of a $15,000,000 sweepstakes will be paid $500,000 per year for 30 years,starting a year from now.The money earns 5% interest per year.The present value of the winnings is Suppose the winner of a $15,000,000 sweepstakes will be paid $500,000 per year for 30 years,starting a year from now.The money earns 5% interest per year.The present value of the winnings is Compute the present value using the formula for the nth partial sum of a geometric series.Round your answer to two decimal places. ​ A) $36,941,323.46 B) $9,464,644.76 C) $24,627,548.97 D) $5,189,829.02 E) $7,686,225.51 Compute the present value using the formula for the nth partial sum of a geometric series.Round your answer to two decimal places. ​


A) $36,941,323.46
B) $9,464,644.76
C) $24,627,548.97
D) $5,189,829.02
E) $7,686,225.51

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q149: Identify the graph of the first 10

Q150: Use the Ratio Test to determine the

Q151: Find a geometric power series for the

Q152: Find a first-degree polynomial function P<sub>1</sub> whose

Q153: Find a power series for the function

Q155: Use the definition to find the Taylor

Q156: Let <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7497/.jpg" alt="Let be

Q157: The sixth degree term of the Taylor

Q158: Use Theorem 9.11 to determine the convergence

Q159: Write the first five terms of the