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il63 [147K]
4 years ago
11

2. In a recent large PowerBall lottery, the prize was reported to be worth $590 million, which could be taken in 25 equal annual

installments of $23.6 million beginning today or as a single payment today of $334 million. a. What interest rate is the lottery commission using
Business
1 answer:
deff fn [24]4 years ago
3 0

Answer:

5.5%

Explanation:

This is an Annuity Due question. In an annuity due, recurring payments occur at the beginning of the yearIt is asking for the RATE. Using a financial calculator(on BEG mode), input the following;

Duration; N = 25

Recurring payment; PMT = 23.6

Present value ; PV = -334

One-time future cashflow; FV = 0

Then compute the interest rate; CPT I/Y = 5.499%

Therefore, the lottery commission is using about 5.5% interest rate.

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only deposits of a rare and sought-after mineral known as Yuksporite are found in ussia. Since no other nation has deposits of Y
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Answer:

D. Absolute Advantage

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4 0
3 years ago
Read 2 more answers
The selling price of a television is​ $1,600 and the cost to the retailer is​ $225. what is the​ retailer's gross profit from th
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Gross profit = Sales - Cost of goods sold 
Gross profit = $1,600 - $225
Gross profit = $1,375

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3 years ago
Jay-cee corporation had 20,000 shares of $4 par value common stock outstanding on january 1. on january 20, the company purchase
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3 years ago
Congress would like to increase tax revenues by 10 percent. Assume that the average taxpayer in the United States earns $65,000
SSSSS [86.1K]

Answer: <em><u>16.5% is the average tax rate that will result in a 10 percent increase in tax revenues.</u></em>

Explanation:

This is an example of static forecasting since no time parameter is involved.

Now,

Let initial revenue be "R" ,

"n" be no. of taxpayer

∴ R= 65000×0.15×n

R +0.1R= 65000×rate×n

Using the above two equation, we'll get ;

<u><em>r = 16.5%</em></u>

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3 years ago
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