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. 3 z. V6 y a9 C2 oa) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 1 x6 n" u- l2 V' o6 BAssume the following: 2 I) ?3 @- o' N% k- r = 0.06 (6 percent)! d! A; W. B. J7 E+ \7 V' Y
- Interest is paid annually to the Lottery Corporation