Assume the money-market account earns interest at the rate

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You have just won $10,000 in the NCSU - ISE510 Student Lottery. Terms of the Lottery specify that you will receive a $1,000 payment today, and a $1,000 payment at the end of every fourth year until 10 total payments have been made. If you put your payments in a money-market account as soon as you receive each of them. How much could you withdraw from that account exactly 50 years from today? Assume the money-market account earns interest at the rate of 16.6662% compounded monthly.

Reference no: EM131456344

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