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Finding present value of winnings.
The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the states newest millionaire. By choosing the six winning numbers on last weeks state lottery, Mr. Ormsby has won the weeks grand prize totaling $1.6 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual installments of $80,000 each.
a. If Mr. Ormsby can invest money at a 12% rate of return, what is the present value of his winnings? b. Is it correct to say that Mr. Ormsby is the state newest millionaire? Explain your answer.
answer following question1. what are the several fields of accounting and how do they differ?2. how are expenses and
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