The Caldwell Herald newspaper reported the following story .pdf
The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state's newest millionaire. By choosing the six winning numbers on last week's state lottery, Mr. Ormsby won the week's grand prize totaling $1.46 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $73,000 each. Use Excel or a financial calculator to solve. Round answers to the nearest dollar. Required: 1. If Mr. Ormsby can invest money at a 8% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.).
The Caldwell Herald newspaper reported the following story .pdf
The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state's newest millionaire. By choosing the six winning numbers on last week's state lottery, Mr. Ormsby won the week's grand prize totaling $1.46 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $73,000 each. Use Excel or a financial calculator to solve. Round answers to the nearest dollar. Required: 1. If Mr. Ormsby can invest money at a 8% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.).
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The Caldwell Herald newspaper reported the following story .pdf
- 1. The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state's newest millionaire. By choosing the six winning numbers on last week's state lottery, Mr. Ormsby won the week's grand prize totaling $1.46 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $73,000 each. Use Excel or a financial calculator to solve. Round answers to the nearest dollar. Required: 1. If Mr. Ormsby can invest money at a 8% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.)