To Fund Jamie's Lottery Winnings of $10,400 Per Month for the Next

question 79

Multiple Choice

To fund Jamie's lottery winnings of $10,400 per month for the next 20 years, the lottery commission needs to make a single deposit now.Assuming 9.5% compounded monthly, what should the deposit be?
Round to the nearest cent.

• A)$1,115,706.48
• B)$1,115,746.48
• C)$1,115,739.28
• D)$1,059,936.64
• E)$1,115,722.78

Identify the types of jurisdiction and the authority of a court to hear a case.

Understand the criteria for standing to sue and justiciable controversies.

Recognize circumstances under which standing to sue is established.

Grasp the significance of in personam, in rem, and subject-matter jurisdiction in the legal system.

---

Definitions:

Cash Payment

is the act of settling a transaction or discharging a debt by using physical currency or through a digital medium representing immediate value.

Internal Control Objectives

The goals aimed at ensuring the reliability of financial reporting, compliance with laws and regulations, and effectiveness of operations.

Financial Reports

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and statements of cash flows.

Applicable Laws

The set of relevant laws and regulations that apply within the jurisdiction of a business operation or transaction.