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Business, 03.06.2021 20:20 coolcat3190

You just won a lottery—​CONGRATULATIONS! Your parents have always told you to plan for the​ future, so since you already have a well−paying job you decide to invest rather than spend your lottery winnings. The payment schedule from the lottery commission is​ $100,000 after taxes at the end of year one and 19 more payments of exactly​ $100,000 after taxes in equal annual end−of−the−year deposits​ (i. e., 20 deposits of​ $100,000 each, the first deposit is one year from​ today) into your account paying​ 8.5% compounded annually. How much money will be in your account after the last deposit is​ made?

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