John-Paul Ramin won $ 2.3 m i l l i o n in a state lottery. He was surprised to learn that he will not receive a check for $ 2.3 m i l l i o n . Rather, for twenty years, he will receive an annual check from the state for 1 20 of his winnings. The state finances this series of checks by buying John-Paul a payout annuity. Find what the state pays for John-Paul’s payout annuity if the interest rate is 7.2 % .
John-Paul Ramin won $ 2.3 m i l l i o n in a state lottery. He was surprised to learn that he will not receive a check for $ 2.3 m i l l i o n . Rather, for twenty years, he will receive an annual check from the state for 1 20 of his winnings. The state finances this series of checks by buying John-Paul a payout annuity. Find what the state pays for John-Paul’s payout annuity if the interest rate is 7.2 % .
John-Paul Ramin won
$
2.3
m
i
l
l
i
o
n
in a state lottery. He was surprised to learn that he will not receive a check for
$
2.3
m
i
l
l
i
o
n
. Rather, for twenty years, he will receive an annual check from the state for
1
20
of his winnings. The state finances this series of checks by buying John-Paul a payout annuity. Find what the state pays for John-Paul’s payout annuity if the interest rate is
7.2
%
.
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