A lottery offers two options for the prize. (7 marks)
Option A: $1000 a week for life.
...
Mathematics, 11.06.2020 21:57 kamal82
A lottery offers two options for the prize. (7 marks)
Option A: $1000 a week for life.
Option B: $1 000 000 in one lump sum.
If you choose Option B, you have the opportunity to place the winnings into an investment that also makes regular payments, at a rate of 3%/a, compounded weekly. The annuity will pay out a specific amount weekly based on how long you want the annuity to last.
Which option would the winner choose if you expect to live for another:
20 years?
50 years?
Use technology to determine the range of life expectancies when each option is preferred. Show your work.
Write a brief reflection about which option you would choose, and why.
Answers: 3
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