57 + $2,159. 59 + $2,056. 76 Present Worth = Therefore, the worth of Steve's lottery jackpots today is $8,865. The formula for the discount rate can be derived by utilizing the following steps: First of all, figure out the value of the future capital under consideration. Next, determine today value of future money circulations. Next, figure out the number of years between the time of the future capital and today day. It is denoted by n. Finally, the formula for discount rate can be obtained…
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