Wants to cash in her winning lottery ticket. she can either receive eight $200,000 semiannual payments starting today, based on a 6% annual interest rate, or she can receive a single-amount payment today. what is the single-amount payment she can receive today that would be equivalent to the eight-payment option except that she would not have to wait for years

A sum of $ 1,446,056.59 will be equivalent of the semiannual payment at the given discount rate of 6% annual

Explanation:

We need to solve for the present value of a annuity-due (payment at the beginning of the period) of eight payment of $ 200,000 every six month discounted at 6% annual:

C200,000

time8

rate0.03 (6% is the annual rate we have semiannual payment so we divide by 2; thus 3%)

PV $1,446,056.5910

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best of luck,

the divergent