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The state of Florida sold a total of $36.1 million worth of lottery tickets at $1 each during

17 / 01 / 2019 Research Papers

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The state of Florida sold a total of $36.1 million worth of lottery tickets at $1 each during the… 1 answer below » The state of Florida sold a total of $36.1 million worth of lottery tickets at $1 each during the first week of January 2007. As prize money, a total of $41 million will be distributed over the next 21 years ($1,952,381 at the beginning of each year). The distribution of the first-year prize money occurs now, and the remaining lottery proceeds are put into the state’s educational reserve funds, which earn interest at the rate of 6% compounded annually. After the last prize distribution has been made (at the beginning of year 21), how much will be left over the reserve account? Oct 27 2015 06:17 PM


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