To Fund Jamie's Lottery Winnings of $17,200 Per Month for the Next

question 286

Multiple Choice

To fund Jamie's lottery winnings of $17,200 per month for the next 18 years, the lottery commission needs to make a single deposit now.Assuming 9.7% compounded monthly, what should the deposit be?
Round to the nearest cent.

• A)$1,753,996.94
• B)$1,666,277.05
• C)$1,753,995.04
• D)$1,753,975.84
• E)$1,753,956.94

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Definitions:

Soma

In biological terms, it refers to the body of an organism as distinct from its reproductive cells, or in cellular anatomy, the cell body of a neuron.

Neuron

A specialized cell that conducts impulses through the nervous system.

Dendrite

The branched projections of a neuron that act to conduct the electrochemical stimulation received from other neural cells to the body, or soma, of the neuron from which it projects.

"Tree"

A perennial plant with an elongated stem, or trunk, supporting branches and leaves in most species.