Mr. Dubofsky just won a "Name That Tune" contest with a grand prize of $250,001. However, the contest stipulates that the winner will receive $100,000 immediately, and $15,000 at the end of
Each of the next 10 years. Assuming that he can earn 5% on his money, how much has he actually
Won?
A) $92,156.46
B) $98,225.11
C) $115,826.02
D) $215,826.02
E) $250,000.00
Correct Answer:
Verified
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