You win a $9 million and mega millions lottery when you go to collect your winnings you find out that you will be paid in 20 annual payments in the amount of $450,000 which totals out to be 9 million since the payments to you will be at the end of each year how does the lottery department need to have an a special account that earns 7% compounded annual that will give you receive your winning amount
Added by Christine O.
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Step 1: Determine the total amount of winnings The total amount of winnings is $9,000,000. Show more…
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