2. Saving for retirement Aa Aa You just won $150,000 on a scratch-off lottery ti

Question

2. Saving for retirement Aa Aa You just won $150,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected n 8% per year. If you intend to re tire in 45 years, how much are these lottery wi nings expected to be worth to re tur when you retire? $2,345,879 $800,842 O $4,788,067 O $1,238,815 Q $9,665,457 If you find an account that pays 9% annual interest instead of 8%, how much would you have at retirement? $3,250,123 $3,382,910 $7,249,093 $3,751,878 $1,890,221 Suppose the new retirement account actually pays 9% interest per year and pays interest monthly. How much money would you have at retirement? $3,677,597 $3,616,360 $7,068,334 $1,105,609 $8,480,488 Flash Player WIN 19 226 Q3 33 2004-2015 Aplia. All rights reserved

Explanation / Answer

1) year 45 th ( @ 8%) = 4,788,067

2) yyear 45 th ( @ 9%) = 7,249,093

3) year 45 th ( @ 9% monthly) = 8,480,488

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