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Naya [18.7K]
3 years ago
10

You just won $90,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 6% p

er year. If you intend to retire in 45 years, how much are these lottery winnings expected to be worth when you retire
Business
1 answer:
yanalaym [24]3 years ago
7 0

Answer:

  about 1.24 million dollars

Explanation:

Account value is multiplied by 1.06 each year, so after 45 years, it has been multiplied by 1.06^45. The value is ...

  $90,000 × 1.06^45 = $1,238,814.97

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