Suppose you won a $77,000 after-tax cash prize in the lottery. You want to start a new business that you think will lose money for a while, after which it will be up and running and bringing in big bucks. You plan to invest the funds immediately in securities that are expected to earn 8% per year. Suppose you would need only $19,000 per year during the start-up period. How long could you operate before you would require cash from the new business, i. e., how long could you receive payments of $19,000 per year? The first withdrawal will be made a year from today, and your answer will contain a fraction of a year.

The right solution is "5.09 years".

Explanation:

The given values are:

Lottery amount

= $77,000

Withdrawal

= $19,000

Rate

= 8%

The number of withdrawal will be:

⇒

On putting the values, we get

⇒

⇒

agriculture and oil. natural resources, industry.

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"