资产评估理论基础(2)(11)

Mark Young has just won the state lottery, paying $50000 a year for 20 years.He is to receive this first payment a year form now. The state advertises this as the Million Dollar Lottery because $ 1000000= $50000 x 20. If the interest rate is 8 percent, what is the true value of the lottery?

马克赢得了一笔州彩票，金额为1000000美元，但要20年分期，每期5万美元，第一笔奖金一年后收到。

解答：

Million Dollar Lottery = 50000 x{1/0.08 – 1/[0.08(1.08)20])}

Million Dollar Lottery = 50000 x{1/0.08 – 1/[0.08(1.08)19])}