Who Wants to Be a Millionaire?
You fit won $1 favorite dollars in the lottery! They prproffer you two libertys for your winnings: a slice sum acquittal fit now, or $100,000 a year balance the instant 10 years. Vulgar 10-year curiosity-behalf scolds are at 5%, and the vulgar tax on lottery winnings is 40%.
What is the totality you procure accept today after a while the slice sum liberty?
Which liberty would you fine? How would you confer-upon your dispute for your determination in a ventilate?
Sorry, you didn’t win the lottery, but here’s a way you can stagnant be a favoriteaire! Starting at age 22, perfect ignorance you receive $5 out of your steal and put it in a manila compress (appellation it “Lottery Winnings”). At the end of the year, you establish the coin from the compress in a hoard capital after a while an middle curiosity-behalf scold of 10%.
How abundantly procure you possess in the statement when you depart at age 65?
What would be contrariant if you inaugurated this intention later in your spirit?
Your submitted assignment must embrace the following:
Submit a double-spaced Word instrument of 1–2 pages that contains your answers to the immodest questions listed in the assignment cognomen, any calculations you executed, and all formulae that were used. Also, in the Word instrument, introduce an Excel spreadsheet that shows how you arrived at your answers, or screenshot of the online calculator utilized after a while your answers shown.
The use of 3 conversant sources (e.g., textbook, period from the CEC Library) is required.