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SUMMER 2 0 2 4 MARKS MATH 1 1 9 TEST 4 D PAGE 3 AIS 3 . The winner of a lottery has the

SUMMER

2024

MARKS

MATH

119

TEST

4

PAGE

3

AIS

3 .

The winner of a lottery has the option of receiving $

455, 000

in cash now or annual payments of $

60, 000

at the end of each year for

10

years. Money is worth

5.25 %

compounded quarterly.

(8)

In terms of today's dollar,

)

which lottery payout option is better and

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