Ask Question
19 August, 03:44

ou just won $80,000 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?

+1
Answers (1)
  1. 19 August, 06:34
    0
    Answer: $3,866,182.89

    Explanation:

    The winnings in 45 years are the future value of the $80,000 that you just won based on the return rate of 9%.

    Future Value = Present Value (1 + return) ^ number of years

    = 80,000 (1 + 0.09) ⁴⁵

    = $3,866,182.89

    Lottery winnings will be worth $3,866,182.89 when you retire.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “ou just won $80,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 9% per year. If ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers