Congratulations! You have won the Lottery For Life and are the proud winner of $1,000 per week for the rest of your life!! You have the option of accepting a cheque for $1000 per week until you die, or reach the age of 75, whichever comes sooner. Alternatively, you may accept a cash payout of $2 million now. + r$ R2 {, j- J6 ia) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. $ t; m: j+ c+ r+ aAssume the following:/ b& l& p+ _. w i. C
- r = 0.06 (6 percent)! p0 z8 V' G( Y5 B8 F- ]9 |# E* e8 `/ Q
- Interest is paid annually to the Lottery Corporation