Use Example 6 to find the probability that a participant will recall between 0% and 62.5% of the material.
To calculate: The present value of the income when a lottery will be paying an annuity of $50000 a year for 20 years when the annual rate of inflation is .
The annual rate of inflation is 7%. The annuity paid for 20 years is $50000 a year.
If c represents a continuous income function in dollars per year and the annual rate of inflation is r (in decimal form), then the actual total income over years is given by
and its present value is given by
Consider the provided information that the annual rate of inflation is 7%, i.e.
The annuity paid is $50000 for 20 years.
Thus, actual income using, is given by
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