SUMMER $2024$

MARKS

MATH$119$ TEST $4$D

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 $5\mathrm{.}25\%$ compounded quarterly.

$(8)$

In terms of today's dollar,

a$)$ which lottery payout option is better and