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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?

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  1. 19 August, 06:34
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    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.
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Home » Business » 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?
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