Business, 25.03.2020 05:04 avavackity

A lottery winner can take $6 million now or be paid $600,000 at the end of each of the next 16 years. The winner calculates the internal rate of return (IRR) of taking the money at the end of each year and, estimating that the discount rate across this period will be 4%, decides to take the money at the end of each year. Was her decision correct

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A lottery winner can take $6 million now or be paid $600,000 at the end of each of the next 16 years...

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