Question

Pat won the lottery!! She won 23 million dollars. Of course she had to pay the income tax of 33%. She decides to take the rest in monthly payments for twenty years. How much money will
Pat get each month?

Answer 1

Answer:

$64,208.33

Step-by-step explanation:

100% - 33% = 67%

Since she pays 33% in taxes, she will only get 67% of the $23 million.

1 year = 12 months

20 years = 20 × 12 months = 240 months

There are 240 months in 20 years.

monthly amount = 67% of $23 million / 240

monthly amount = 0.67 × $23,000,000 / 240

monthly amount = $64,208.33