How to calculate the cost to the state of paying out price

Reference no: EM13200907

Suppose you are hired by your state government to determine the profitability of a lottery offering a grand prize of $10 million paid out in equal annual installments over 20 years. Show how to calculate the cost to the state of paying out such price. Assume that payments are made at the end of each year econ.

Reference no: EM13200907

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