Multiple Choice
To fund Jamie's lottery winnings of $10,400 per month for the next 20 years, the lottery commission needs to make a single deposit now.Assuming 9.5% compounded monthly, what should the deposit be?
Round to the nearest cent.
A) $1,115,706.48
B) $1,115,746.48
C) $1,115,739.28
D) $1,059,936.64
E) $1,115,722.78
Correct Answer:
Verified
Correct Answer:
Verified
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