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29 March, 04:51

You just won $90,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 6% 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. 29 March, 07:10
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    about 1.24 million dollars

    Explanation:

    Account value is multiplied by 1.06 each year, so after 45 years, it has been multiplied by 1.06^45. The value is ...

    $90,000 * 1.06^45 = $1,238,814.97
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