Raul wins $5 million in a lottery. He is paid the winnings at $250,000 per year for 20 years. The lottery establishes an annuity that makes the annual payments. How much should the lottery place in the annuity if it earns 3% compounded annually? Enter a number______
Raul wins $5 million in a lottery. He is paid the winnings at $250,000 per year for 20 years. The lottery establishes an annuity that makes the annual payments. How much should the lottery place in the annuity if it earns 3% compounded annually? Enter a number______
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 5E
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Raul wins $5 million in a lottery. He is paid the winnings at $250,000 per year for 20 years. The lottery establishes an annuity that makes the annual payments. How much should the lottery place in the annuity if it earns 3% compounded annually?
Enter a number______
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