Question

2. Emily won $3,000,000 after taxes in a lottery. She decided to spend 4%

each week. How long will it be until she has only $3,000 left?

Answer 1

After about 25 weeks, she will have $3000 left

Explanation:

Emily won $3000000

She spends 4% weekly, which is

$3000000 × 4/100 = $3000000 × 0.04

= $120000

She spends $120000 Weekly

When she has $3000 left, she would have spent

$3000000 - $3000 = $2997000

Spending $120000 weekly, she will spend $2997000 in

(2997000/120000) weeks

= 24.975 weeks

i.e, she will have $3000 after approximately 25 weeks