11th Edition

ISBN: 9780321979438

Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey

Publisher: PEARSON

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Textbook Question

Chapter 5.2, Problem 65E

Lottery In a 1992 Virginia lottery, the jackpot was $27 million. An Australian investment firm tried to buy all possible combinations of numbers, which would have cost $7 million. In fact the firm ran out of time and was unable to buy all combinations but ended up with the only winning ticket anyway. The firm received the jackpot in 20 equal annual payments of $1.35 million. Assume these payments meet the conditions of an ordinary annuity. Source: The Washington Post.

(a) Suppose the firm can invest money at 8% interest compounded annually. How many years would it take until the investors would be further ahead than if they had simply invested the $7 million at the same rate? (Hint: Experiment with different values of n, the number of years, or use a graphing calculator to plot the value of both investments as a function of the number of years.)

(b) How many years would it take in part (a) at an interest rate of 12%?

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Chapter 5.2, Problem 64E

Chapter 5.2, Problem 66E

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Chapter 5 Solutions

Finite Mathematics (11th Edition)

Ch. 5.1 - 1. What factors determine the amount of interest...Ch. 5.1 - In your own words, describe the maturity value of...Ch. 5.1 - 3. What is meant by the present value of...Ch. 5.1 - We calculated the loan in Example 2(b) assuming...Ch. 5.1 - Find the simple interest. $25,000 at 3% for 9...Ch. 5.1 - Find the simple interest. 6. $4289 at 4.5% for...Ch. 5.1 - Find the simple interest. 7. $1974 at 6.3% for...Ch. 5.1 - Find the simple interest. 8. $6125 at 1.25% for...Ch. 5.1 - Find the simple interest. Assume a 360-day year....Ch. 5.1 - Find the simple interest. Assume a 360-day...

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Solution Summary: The author explains how an investment firm can invest money in 20 equal annual payments of 1.35 million at 8% interest compounded annually or at the same rate.

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