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.; n. H. F2 @7 S
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize.; M& |4 F0 v9 Q' M3 a9 N1 F5 G
Assume the following: 8 [- u: m9 X! e6 J2 z/ l% u0 T- r = 0.06 (6 percent) : V4 i+ a" h8 }: ~! Q* M- Interest is paid annually to the Lottery Corporation