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An account is established as the first place prize in a lottery, the winner gets $12500 every quarter for 20 years (a $1 million prize).

An account is established as the first place prize in a lottery, the winner gets $12500 every quarter for 20 years (a $1 million prize). How much money must first be in the account that earns 6.4% interest compounded quarterly, in order to satisfy the payout requirement?
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On Own: An account is established as the first place prize in a lottery, the winner gets $12500 every quarter for 20 years (a $1 million prize). How much money must first be in the account that earns 6.4% interest compounded quarterly, in order to satisfy the payout requirement

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