Question
10*) You won $600,000 today from Lotto 649! You decide to invest the money into your 6.75 % compounded quarterly (always) investment account for four
10*) You won $600,000 today from Lotto 649! You decide to invest the money into your 6.75 % compounded quarterly (always) investment account for four and half (4.5) years as you FINISH school AND get an MBA. You will then retire in Florida and start receiving end of month payments from your winnings (or investment account) for an expected 54 years. Assuming the rate is always the same, how large will those monthly payments be? (4 marks-total timeline is 58.5 years)
10a) How much is in your account in 4 years?
10b) How large will your monthly payments be retired in Florida?
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
