Mr. Smith just won a lottery with a grand prize of $500,000. However, the lottery manager stipula… 1 answer below »

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Mr. Smith just won a lottery with a grand prize of $500,000. However, the lottery manager stipulates that the winner will receive $300,000 immediately, and $20,000 at the end of each of the next 10 years. Assuming that he can earn 6% on his money, how much has he actually won?

Question 9 options:

1) $ 192,156

2) $ 212,225

3) $347,202

4) $400,000

5) $447,202