What is the present value of your prize before taxes

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Reference no: EM133372213

Question: You just won $40000 from the state lottery. Assuming you will receive the money in equal installments over 12 years and that the state lottery earns a 9 percent return on its funds, what is the present value of your prize before taxes if you request the "up-front cash' option (round to the nearest whole number)? Your Answer: Answer Question 2 (0.5 points) Richard Gorman is 65 years old and about to retire. He has $350000 saved to supplement his pension and Social Security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 11 years. How much does he have to withdraw each year if he earns 7 percent on his money (round to the nearest whole number)?

Reference no: EM133372213

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