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How much is your lottery prize worth today

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Question: A. You just won the $40 million lottery. You will receive $1.4 million a year for the next 20 years plus an additional payment of $12 million at the end of 20 years. The interest rate is 11 percent.

How much is your lottery prize worth today? (Enter your answer as a positive number rounded to 2 decimal places.)

B. At an interest rate of 11 percent annually, how long will it take for a $1,000 to double? To triple? (Round your answers to 2 decimal places.)

Reference no: EM132089038

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