# A graduating senior decides to take a year off and work to save money for college. The student plans to invest all money e

A graduating senior decides to take a year off and work to save money for college. The student plans to invest all money earned in a savings account earning 6% interest, compounded quarterly. The student hopes to have \$5000 by the time school starts in 12 months. How much money will the student have to save each month? Sketch the cash flow diagram. A) \$396/month B) \$405/month C) \$407/month D) \$411/month The Powerball Lottery, worth \$182 million, was won by a single individual. The winner was given two choices: receive 26 payments of \$7 million each with the first payment to be made immediately and the rest to be made at the end of each of the next 25 years, or receive a single lump-sum payment now that would be equivalent to the 26 payments of \$7 million each. If the state uses an interest rate of 4% per year, calculate the amount of the lump sum payment.

 Principle Addition Total Interest closing 405.00 0.00 405.00 0.00 405.00 405.00 405.00 810.00 0.00 810.00 810.00 405.00 1215.00 18.23 1233.23 1233.23 405.00 1638.23 0.00 1638.23 1638.23 405.00 2043.23 0.00 2043.23 2043.23 405.00 2448.23 36.72 2484.95 2484.95 405.00 2889.95 0.00 2889.95 2889.95 405.00 3294.95 0.00 3294.95 3294.95 405.00 3699.95 55.50 3755.45 3755.45 405.00 4160.45 0.00 4160.45 4160.45 405.00 4565.45 0.00 4565.45 4565.45 405.00 4970.45 74.56 5045.00

Bonus

 Year Amount PVF@4% DCF 0 7 1.000 7.000 1 0 0.962 0.000 2 7 0.925 6.475 3 7 0.889 6.223 4 7 0.855 5.985 5 7 0.822 5.754 6 7 0.790 5.530 7 7 0.760 5.320 8 7 0.731 5.117 9 7 0.703 4.921 10 7 0.676 4.732 11 7 0.650 4.550 12 7 0.625 4.375 13 7 0.601 4.207 14 7 0.577 4.039 15 7 0.555 3.885 16 7 0.534 3.738 17 7 0.513 3.591 18 7 0.494 3.458 19 7 0.475 3.325 20 7 0.456 3.192 21 7 0.439 3.073 22 7 0.422 2.954 23 7 0.406 2.840 24 7 0.390 2.731 25 7 0.375 2.626 26 7 0.361 2.525 Lump Sum Payment 112.165
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