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What is the present value of your winnings

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Q1. You have just received notification that you have won the $2.5 million first prize in the Georgia Lottery. However, the prize will be awarded on your 60th birthday, 45 years from now. The appropriate interest rate is 5 percent. What is the present value of your winnings?

Q2. You are depositing $3,000 in a retirement account today and expect to earn an average return of 4.5 percent on this money. How much additional income will you earn if you leave the money invested for 35 years instead of just 30 years?

Q3. What is the future value of $15,000 a year for 27 years at 7 percent interest?

Reference no: EM132504675

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