$10.$ TI Calculator Graded Problem Set

You just won $$50,000$ on a scratch$-$off lottery ticket. You plan to save the money in a retirement account expected to return $6\%$ per year. If you intend to retire in $45$ years, how much are these lottery winnings expected to be worth when you retire?

$$871,576$

$$1,238,815$

$$9,665,457$

$$688,231$

$$2,615,364$

If you find an account that pays $7\%$ annual interest instead of $6\%,$ how much would you have at retirement?

$$3,250,123$

$$1,050,123$

$$14,578,097$

$$1,890,221$

$$3,751,878$

Suppose the new retirement account actually pays $7\%$ interest per year and pays interest monthly. How much money would you have at retirement?

$$1,105,609$

$$1,156,173$

$$17,034,358$

$$2,043,797$

$$3,411,933$