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How much will be left over in the reserve account

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Reference no: EM132122912

Question: The State of Florida sold a total of 36.1 million lottery tickets at $1 each duringthe first week of January 2006. As prize money, a total of $41 million will be distributed($1,952,381 at the beginning of each year) over the next 21 years. Thedistribution of the first-year prize money occurs now, and the remaining lotteryproceeds will be put into the state's educational reserve fund, which earns interestat the rate of 6% compounded annually. After making the last prize distribution (atthe beginning of year 21), how much will be left over in the reserve account?

Reference no: EM132122912

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