A state lotto has a prize that pays $900 each week for 15 years. Find the total value of the prize: $

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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A state lotto has a prize that pays $900 each week for 15
years.
Find the total value of the prize: $
If the state can earn 8% interest compounded weekly on
investments, how much money will they need to put into
an account now to cover the weekly prize payments?
Reminder: There are 52 weeks in a year.
%24
Transcribed Image Text:A state lotto has a prize that pays $900 each week for 15 years. Find the total value of the prize: $ If the state can earn 8% interest compounded weekly on investments, how much money will they need to put into an account now to cover the weekly prize payments? Reminder: There are 52 weeks in a year. %24
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