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You just won the NJ lottery, and you selected the after-tax one lump sum option. Your relatives are very curious about the prize. Your answer
You just won the NJ lottery, and you selected the after-tax one lump sum option. Your relatives are very curious about the prize. Your answer was as follows. "I plan to use it for 30 years. At the end of the first year, I'll withdraw $35,000. Each year after that, I'll increase my annual withdrawal by 3.5 percent. I earn 5.5 percent on my savings." Can you guess what the after-tax lump sum amount is?
$806,504.10
$834,731.8
$791,214.9
$764,458.87
$508,681.1
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