10 . TI Calculator Graded Problem Set

You just won $150,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 8% per year. If you intend to retire in 45 years, how much are these lottery winnings expected to be worth when you retire?

$2,234,431

$871,576

$1,260,147

$800,842

$4,788,067

If you find an account that pays 9% annual interest instead of 8%, how much would you have at retirement?

$1,915,227

$3,250,123

$3,382,910

$4,050,123

$7,249,093

Suppose the new retirement account actually pays 9% interest per year and pays interest monthly. How much money would you have at retirement?

$2,119,250

$1,105,609

$3,677,597

$1,156,173

$8,480,488