Mathematics, 01.04.2021 21:10 bree9362

Michael has just won some money on a game show! He has the option to take a lump sum payment of $700,000 now or get paid an annuity of $3,600 at the beginning of each month for the next 20 years. Assuming the growth rate of the economy is 3.4% compounding annually over the
next 20 years, which is the better deal for Michael and by how much?
Lump Sum: by $59,36]5.20
Lump Sum: by $502,182.81
Annuity: by $59,366.20

Annuity: by $164,000

Answers: 1

Show answers

Other questions on the subject: Mathematics

Mathematics, 21.06.2019 15:00, edson23

Which of these choices show a pair of equivalent expressions?

Answers: 1

continue

Mathematics, 21.06.2019 16:00, ebell1703

Use set builder notation to represent the following set: { -3, -2, -1, 0}

Answers: 1

continue

Mathematics, 21.06.2019 16:30, 2alshawe201

You are remodeling your kitchen. you’ve contacted two tiling companies who gladly told you how long it took their workers to tile of a similar size jim completed half the floor in 8 hours. pete completed half of the other floor in 7 hours. if pete can lay 20 more tiles per hour than jim, at what rate can jim lay tiles

Answers: 3

continue

Mathematics, 21.06.2019 19:10, hannahbannana98

If i have 20$ and i gave 5$ away how much i got

Answers: 1

continue

You know the right answer?

Michael has just won some money on a game show! He has the option to take a lump sum payment of $700...