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How much will marcel receive in payments

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Question -

a) Janet's VISA is advertised at 29% interest compounded daily. What is the effective interest rate on her credit card? (round to two decimal places using 365 days per year)

b) Marcel has just won the Quebec Lottery with a jackpot of $1,000,000. His winnings will be paid out in 50 equal annual installments with the first payment made immediately! He believes the appropriate annual discount rate is 6%. How much will Marcel receive in payments? Hint: set to beginning.

Reference no: EM133107324

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