Shelley wants to cash in her winning lottery ticket. she can either receive five, $202,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest rate. what is the equivalent lump-sum payment?

$952,853.88

Explanation:

The lump sum payment can be calculated using the present value of annuity formula which shall be calculated as follows:

Present value of annuity=R((1-(1+i)^-n)/i)=lump sum payment today

Where R=semi annual payment=$202,000

n=number of semi annual payments=4 since first payment is to be received today

i=interest rate=3%(6/2) in this case since the payments are semi annual.

Lump-sum payment=202,000+202,000((1-(1+3%)^-4)/3%)

                              =$952,853.88

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i hope this i spelt things wrong i believe but this is why

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