A state lottery commission pays the winner of the "Million Dollar" lottery 10 installments of $100,000/year. The commission makes the first payment of $100,000 immediately and the other payments at the end of each of the next 9 yr. Determine how much money the commission should have in the bank initially to guarantee the payments, assuming that the balance on deposit with the bank earns interest at the rate of 15%/year compounded yearly. Please round the answer to the nearest cent.
(Hint: Find the present value of an annuity.)
$__________
577,158.39
Mathematics
You might also like to view...
Find an equation for the graph.
A. y = 5 sin (2x)
B. y = 2 sin (5x)
C. y = 5 sin 
D. y = 2 sin 
Mathematics
Solve the problem.Find the number of different three-member committees that could be selected from the group of {Mary, Norman, Paula, Raymond, Sally} given that Sally must be on the committee.
A. 3 B. 6 C. 5 D. 4
Mathematics
Solve. 5(x + 3) = 10x + 9
A. 0.8 B. -1.2 C. -0.8 D. 1.2
Mathematics
Solve the triangle. Round lengths to the nearest tenth and angle measures to the nearest degree.b = 5, c = 6, A = 70°
A. a = 5.4, B = 63°, C = 47° B. a = 7.4, B = 47°, C = 63° C. a = 6.4, B = 63°, C = 47° D. a = 6.4, B = 47°, C = 63°
Mathematics