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Joe won a lottery jackpot that will pay him $12000.00 eachyear for the next 10 years. If the market interest rates arecurrently 12%, how much does the lottery have to invest tod…

Joe won a lottery jackpot that will pay him $12000.00 eachyear for the next 10 years. If the market interest rates arecurrently 12%, how much does the lottery have to invest tod…
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Joe won a lottery jackpot that will pay him $12000.00 eachyear

for the next 10 years. If the market interest rates arecurrently
12%, how much does the lottery have to invest today topay out this
prize to Joe over the next 10 years.

asked
User Kevin Vella
by
8.6k points

1 Answer

2 votes

Answer:

$3863.68

Explanation:

Please see attachment

Joe won a lottery jackpot that will pay him $12000.00 eachyear for the next 10 years-example-1
answered
User Tmo
by
8.6k points
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