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Finding present value of winnings.
The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the states newest millionaire. By choosing the six winning numbers on last weeks state lottery, Mr. Ormsby has won the weeks grand prize totaling $1.6 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual installments of $80,000 each.
a. If Mr. Ormsby can invest money at a 12% rate of return, what is the present value of his winnings? b. Is it correct to say that Mr. Ormsby is the state newest millionaire? Explain your answer.
To address this shortcoming, Costanza hired Benes, an expert in jewel valuation, to assist in the inventory valuation. Should Costanza refer to Benes's work in the audit report?
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During the year, Hamlet Inc. paid $22,000 to have bond certificates printed and engraved, paid $110,000 in legal fees, paid $12,000 to a CPA for registration information, and paid $190,000 to an underwriter as a commission. Illustrate what is the..
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