A State Lottery Commission Pays the Winner of the "Million

question 135

Short Answer

A state lottery commission pays the winner of the "Million Dollar" lottery 30 annual installments of $30,000 each. If the prevailing interest rate is 5% /year compounded continuously, find the present value of the winning ticket. Round your answer to the nearest dollar.
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$__________

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Definitions:

Pitch of Voice

The degree of highness or lowness of a speaker's voice, affecting how the spoken message is perceived by the audience.

High-pitched Voice

A voice that is characterized by a higher frequency, often perceived as sharper or sometimes squeaky.

Oral Messages

Spoken communication or information conveyed verbally, in person or through electronic means.

Written Messages

Communication conveyed through the written word as opposed to spoken word or visual images.