Phillippe has just won the lottery. He celebrates his winnings by vowing to spend $1000 per day and not investing any of it.By the third year after his win,he is out of money.According to the textbook,how much did he win?

Question

Quizplus · Accepted Answer

If Philippe spent $1000 per day for three years (365 x 3 = 1095 days), he would have spent a total of $1,095,000. Therefore, he must have won at least $1,095,000 to have gone broke in three years, making option C ($1,000,000) the closest answer.

Phillippe Has Just Won the Lottery