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Jesse plans on investing all of her lottery winnings

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Jesse has just learned that she won $1 million in her provincial lottery. She has the choice of receiving a lump sum payment of $312 950 or $50 000 per year for the next 20 years. Jesse can invest the lump sum at 8 percent interest compounded monthly, or she can invest the annual payments at 6 percent interest compounded annually. Which should she choose for the greatest return after 20 years? Assume that Jesse plans on investing all of her lottery winnings for the next 20 years. (FV)

Reference no: EM132523326

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