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Who wants to be a millionaire

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Reference no: EM132056879

Who Wants to Be a Millionaire? 

  1. You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%.   
  • What is the amount you will receive today with the lump sum option?
  1. Sorry, you didn't win the lottery, but here's a way you can still be a millionaire! Starting at age 22, every night you take $5 out of your pocket and put it in a manila envelope (title it "Lottery Winnings"). At the end of the year, you place the money from the envelope in a stock fund with an average interest rate of 10%.  
  • How much will you have in the account when you retire at age 65?

Reference no: EM132056879

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