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Category > Business & Finance Posted 19 May 2017 My Price 12.00

The Caldwell Herald newspape

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 has won the week’s grand prize totaling $1.6 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual installments of $80,000 each.
Required:
1. If Mr. Ormsby can invest money at a 12% rate of return, what is the present value of his winnings?
2. Is it correct to say that Mr. Ormsby is the ?ostate’s newest millionaire??? Explain your answer

Answers

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Status NEW Posted 19 May 2017 03:05 AM My Price 12.00

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