# 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

Algebra ->  Algebra  -> Finance -> 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      Log On

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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(28509)   (Show Source): You can put this solution on YOUR website!Good job you got it right.