SOLUTION: Suppose a state lottery prize of $2 million is to be paid in 20 payments of $100,000 each at the end of each of the next 20 years. If money is worth 11%, compounded annually, what

Question 854672: Suppose a state lottery prize of $2 million is to be paid in 20 payments of $100,000 each at the end of each of the next 20 years. If money is worth 11%, compounded annually, what is the present value of the prize? (Round your answer to the nearest cent.)
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

After 20 years, the prize
is worth $16,124,623.07

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