A state lotto has a prize that pays $1,600 each week for 20 years. The total value of the prize: $1,664,000

If the state can earn 9% interest on investments, how much money will they need to put into an account now to cover the weekly prize payments?

--

I'm so stuck on this question! I've tried every single formula I can remember from the textbook, but I just don't get it! Apparently the answer is "$771,396.86" but I can't for the life of me understand how! Please help!

Step-by-step explanation:

Start by calculating the effective rate of interest:

.09/52= .0017307

(we divide by 52 because there are 52 weeks in a year)

Then just use the annuity formula

4 puzzles in 3 hours

step-by-step explanation:

reduce the friction between its moving parts

step-by-step explanation:

in fact, by reducing the friction between the moving parts of the machine, it is possible to reduce the energy wasted due to this friction; therefore, more input energy is converted into useful work, and this will improve the efficiency of the machine.