Congratulations! You have won the Lottery For Life and are the proud winner of $1,000 per week for the rest of your life!! You have the option of accepting a cheque for $1000 per week until you die, or reach the age of 75, whichever comes sooner. Alternatively, you may accept a cash payout of $2 million now.2 _$ @- `' g3 `. \
a) Calculate the amount of money that the Alberta Lottery Corporation must keep in the bank to be able to pay the weekly prize. 0 [/ b+ c. G( W8 B2 X0 w1 [Assume the following: : ]; p- }2 n! T) {- r = 0.06 (6 percent) : W M* _4 W! W$ T+ n0 G1 t* Y" ^- Interest is paid annually to the Lottery Corporation