Solved

You Won the State Lottery and Took the Payout as a $1,823,475

Question 65

Multiple Choice

You won the state lottery and took the payout as a $1,823,475 lump sum today.Your spouse has decided that you need to invest this money for the next 9 years and can expect it to earn an average annual rate of return of 8.00%.If this comes to pass,how much money will be in the account at the end of the period?


A) $8,471,253
B) $3,645,135
C) $2,567,586
D) $1,890,471

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q60: At your birth,your grandparents put $5,000 into

Q61: Lance has $3,500 but needs $7,000 to

Q62: Which of the following investments has a

Q63: Given a time period,an interest rate,and a

Q64: Your production manager informs you that currently

Q66: Which of the following investments has a

Q67: You know that regular tax-deferred investments are

Q68: Drew is taking over as Chief Marketing

Q69: Your finance professor suggests that you should

Q70: Consider the TVM equation: Present values and