Saturday, August 13, 2011

Need help with math question!!!!!! I wrote down an answer but i want to make sure its correct.?

Winners of the Georgia lotto drawing are given the choice of receiving the winning amount divided equally over 20 years or as a lump-sum cash option amount. The cash option amount is determined by discounting the winning amount at 7% over 20 years. This week the lottery is worth $6,000,000 to a single winner, What would the cash option payout be?

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