A lottery claims its grand prize is $10 million, payable over 20 years at $500,000 per year. If the first payment is made immediately, what is this grand prize really worth? Use an interest rate of 6%.

$6,079,058.25

Explanation:

This is a simple present value problem. Using a financial calculator:N  20; PMT  500,000; FV  0; I  6%; Pmts in BEGIN mode.Compute PV : PV  $6,079,058.25

thomas jefferson

explanation:

this statement is true.

forests are public goods, available for everybody. when usage of such a good becomes interesting for consumers and its usage increases, there can be a risk of overexploitation. it is a non rival good therefore, if one person consumes the good it does not reduce the availability for subsequent consumers.

these caracteristics require the establishment of measures in order to prevent the destruction of a commonly owned space, for example, to restrict the amount of people that have access to the same time.