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?: 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(9166)  (Show Source): |