Business, 03.06.2021 20:20 coolcat3190

You just won a lottery—CONGRATULATIONS! Your parents have always told you to plan for the future, so since you already have a well−paying job you decide to invest rather than spend your lottery winnings. The payment schedule from the lottery commission is $100,000 after taxes at the end of year one and 19 more payments of exactly $100,000 after taxes in equal annual end−of−the−year deposits (i. e., 20 deposits of $100,000 each, the first deposit is one year from today) into your account paying 8.5% compounded annually. How much money will be in your account after the last deposit is made?

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You just won a lottery—CONGRATULATIONS! Your parents have always told you to plan for the future,...