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How much will be left over the reserve account

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Reference no: EM131159018

"The state of Florida sold a total of $36.1 million worth of lottery tickets at $1 each during the first week of January 2007. As prize money, a total of $41 million will be distributed over the next 21 years ($1,952,381 at the beginning of each year).

The distribution of the first-year prize money occurs now, and the remaining lottery proceeds are put into the state?s educational reserve funds, which earn interest at the rate of 6% compounded annually. After the last prize distribution has been made (at the beginning of year 21), how much will be left over the reserve account?"

Reference no: EM131159018

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