Problem
Present Value of an Annuity Suppose you are hired by your state government to determine the profitability of a lottery offering a grand prize of $10 million paid out in equal annual installments over 20 years. Show how to calculate the cost to the state of paying out such a prize. Assume payments are made at the end of each year.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.