You Just Won the Lottery and Have Elected to Receive

question 47

Multiple Choice

You just won the lottery and have elected to receive 10 annual payments instead of the lump sum of $74,818.59. Calculate the amount of your annual payment assuming a 6% interest rate.

• A)$17,178.90
• B)$10,165.44
• C)$18,000.00
• D)$10,832.11

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Definitions:

Jean-Jacques Rousseau

Jean-Jacques Rousseau was an 18th-century philosopher and writer known for his contributions to political philosophy and education, advocating natural human development.

Konrad Lorenz

An Austrian zoologist and ethologist who is known for his foundational work in the study of animal behavior, particularly imprinting in birds.

John Locke

An English philosopher of the 17th century, known for his work on the theory of consciousness, identity, and the social contract.

Prehistory

The period of time before recorded history, studied through archaeology, which includes the study of ancient cultures and civilizations.