On a whim you purchased a scratch-off lottery ticket at the gas station. It must have been your lucky day because you won $1,500,000. Being logical and rational you decide to invest the money at 6% for 11 years until you are ready to start a family. At the end of 11 years, how much will your investment be worth? Future Value of $1
Future Value of Annuity of $1

Question

On a whim you purchased a scratch-off lottery ticket at the gas station. It must have been your lucky day because you won $1,500,000. Being logical and rational you decide to invest the money at 6% for 11 years until you are ready to start a family. At the end of 11 years, how much will your investment be worth? Future Value of $1
 Future Value of Annuity of $1

Quizplus · Accepted Answer

Using the Future Value of Annuity of $1 formula, we can calculate that the investment will be worth $2,847,000 at the end of 11 years.

On a Whim You Purchased a Scratch-Off Lottery Ticket at the Gas