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?

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

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

Answer rating: 100% (QA)

To calculate the expected value of your lottery winnings when you retire after 45 years we can use t... View the full answer