Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You just won $200,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 9% per year.

image text in transcribed

You just won $200,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 9% per year. If you intend to retire in 45 years, how much are these lottery winnings expected to be worth when you retire? $2,615,364 O $4,788,067 O $942,089 $3,866,183 $9,665,457 If you find an account that pays 10% annual interest instead of 9%, how much would you have at retirement? $3,751,878 O $14,578,097 O $5,831,239 $7,249,093 $4,050,123 Suppose the new retirement account actually pays 10% interest per year and pays interest quarterly. How much money would you have at retirement? 0 $3,411,933 $17,034,358 O $7,068,334 O $8,480,488 0 $1,156,173

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Income Distribution Volume 2A

Authors: Anthony B. Atkinson, Francois Bourguignon

1st Edition

0444594280, 978-0444594280

More Books

Students also viewed these Finance questions

Question

How many ways can seven people sit at a round table?

Answered: 1 week ago

Question

Which diagnostic test is most commonly used to confirm PROM?

Answered: 1 week ago

Question

What is the hallmark clinical feature of a molar pregnancy?

Answered: 1 week ago

Question

2. What efforts are countries making to reverse the brain drain?

Answered: 1 week ago