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QUESTION
As the winner of a breakfast cereal competition, you can choose between the prizes listed below. If the interest rate is 12 percent, which prize is
As the winner of a breakfast cereal competition, you can choose between the prizes listed below. If the interest rate is 12 percent, which prize is the most valuable? 1. $100,000 now. 2. $195,000 at the end of five years. 3. $11,400 a year forever. 4. $19,000 each year for 10 years. 5. $6,500 next year and increasing by 5 percent a year forever.
