Please Help!!?
Joe won a lottery jackpot that will compensate him $12,000 respectively year for the subsequent ten years. If the bazaar interest rates are currently 12%, how much does the lottery own to invest today to pay envelope out this prize to Joe over the subsequent ten years?
This is what I come up near:
FV= PV(1 + i)^n
FV= 12,000 (1 + .12)^10
FV= 12,000 (1.12)^10
FV= 12,000 * 3.105848208
FV= 37270.1785
I don't imagine it's right. Why?
Answers:
home work quiz is final!
I reflect the answer is $100,000
The formula I used be: (M x 12%) x 10 = $120,000
M is the money invested.which comes out to $100,000
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This is what I come up near:
FV= PV(1 + i)^n
FV= 12,000 (1 + .12)^10
FV= 12,000 (1.12)^10
FV= 12,000 * 3.105848208
FV= 37270.1785
I don't imagine it's right. Why?
Answers:
home work quiz is final!
I reflect the answer is $100,000
The formula I used be: (M x 12%) x 10 = $120,000
M is the money invested.which comes out to $100,000