A sweepstakes offered a grand prize of $500,000 per year for 5 years. Suppose all payments are made into a savings account earning 4.5% interest a year, compounded annually. How much money will be in the account after 5 years? Round to the nearest dollar.

Question

Quizplus · Accepted Answer

The Answer of A sweepstakes offered a grand prize of $500,000 per year for 5 years. Suppose all payments are made into a savings account earning 4.5% interest a year, compounded annually. How much money will be in the account after 5 years? Round to the nearest dollar.

A Sweepstakes Offered a Grand Prize of $500,000 Per Year