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Can CA lottery scratchers be cash anywhere in CA?

Re: Lottery Problem. How do you determine the approximate cash value of how to receive the money?

  • The problem reads: Congrats! You are the proud winner of the $40,000,000 Pick-A-Number Lottery. The Lottery Commission has informed you that you have two options as to how you can receive your winnings: Option A: You may choose to receive $20,000,000 per year at the end of each year for the next 20 years. Option B: You may choose the "cash option". This option provides you with one lump sum cash payment which will give you something less than the $40,000,000 jackpot. In determining this lesser value the Lottery Commission uses a 7% interest rate. Determine the approximate cash value of Option B: A. $26,945,332 B. $39,707,503 C. $30,505,101 D. $21,188,028

  • Answer:

    Something wrong here. If the jackpot was $40 million, they cannot pay $20 million per year for 20 years!! Correct your figures and I can help.

cvecc at Yahoo! Answers Visit the source

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