Sunday
April 20, 2014

Homework Help: finite math

Posted by help plzzz on Sunday, May 1, 2011 at 4:32pm.

A $1.2 million state lottery pays $5,000 at the beginning of each month for 20 years. How much money must the state actually have in hand to set up the payments for this prize if money is worth 7.7%, compounded monthly?
(a) Decide whether the problem relates to an ordinary annuity or an annuity due.

1
annuity due
ordinary annuity
.
(b) Solve the problem.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

math - Suppose a state lottery prize of $2 million is to be paid in 20 payments ...
Statisics - The state lottery claims that its grand prize is $1 million. The ...
Statisics - The state lottery claims that its grand prize is $1 million. The ...
Statistics - The state lottery claims that its grand prize is $1 million. The ...
Liberal arts math - 1) A lottery draws six numbers from 42 possibilities, ...
tax accounting - bruce wilson won 2 million in the state lottery. the lottery ...
math - Consider a state lottery that has a weekly television show. On this show...
math! - Imagine that you are doing research for a term paper in your English ...
Business - A. Joe won a lottery jackpot that will pay him $12,000 each year for ...
Finance - A state's lottery winner is promised $200,000 a year for 3 years(...

Search
Members