Burton Goodwin
04/02/2023 · High School
A state lotto has a prize that pays \( \$ 500 \) each week for 35 years. Find the total value of the prize: \( \$ 910,000 \) If the state can earn \( 9 \% \) interest on investments, how much money will they need to put into an account now to cover the weekly prize payments?
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The state needs to invest approximately \$262,750 to cover the weekly prize payments.
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