For winners of the California SuperLotto Plus, thechoice
Chapter , Problem 4-152(choose chapter or problem)
For winners of the California SuperLotto Plus, thechoice is between a lump sum and annual paymentsthat increase from 2.5% for the first year to 2.7% forthe second year and then increase by 0.1% per yearto 5.1% for the 26thpayment. The lump sum is equalto the net proceeds of bonds purchased to fund the26 payments. This is estimated at 45% to 55% of thelump sum amount. At what interest rate is the presentworth ofthe two paymentplans equivalentif the lumpsum is 45%? If it is 55%?
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