SOLUTION: Can someone please tell me if this is correct. I won the lottery and will recieve 12000 per year for 10 years. At 12% interest how much should the lottery invest to pay out thi

SOLUTION: Can someone please tell me if this is correct. I won the lottery and will recieve 12000 per year for 10 years. At 12% interest how much should the lottery invest to pay out thi

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Question 154255: Can someone please tell me if this is correct.
I won the lottery and will recieve 12000 per year for 10 years.
At 12% interest how much should the lottery invest to pay out this amount for the next 10 years?
P=(N/r)(1-(1+r)^n)
I came up with 67,802.68. Am I correct?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Good job you got it right.
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