1. (6 points) Same idea as bond (8) Lottery payment vs. amortization Joe wins a lottery. After paying off taxes, the net amount left is $600,000. Instead of a lump-sum payment, Joe Opts to take an annual distribution for the next 20 years starting from now. The agreement also states that any undistributed fund receives 4% interest. How much money will he receive each year? Implicit interest rate on consumer loans vs. yield Rachel bought a queen size mattress with store credit. The cash price of the mattress was $1,800. A two year zero down nance has quarterly payment of $300. Write the equation that determines the interest rate charged by the store? If you can, solve for it