The super ball lottery was won by joan; her winnings were $500,000.00 to be paid in quarterly payments of $12,500.00 each over the next 10 years. how much must super ball deposit in an account paying 8 percent interest compounded quarterly for 10 years in order to meet their commitment to joan? $341,937.50 $500,000.00 $755,021.75 $341,924.78

In order to pay the quarterly payments of $12,500 each over the next 10 years, Super Ball needs to deposit the present value of these quarterly payments.

The present value of these quarterly payments is calculated as follows:

Quarterly payments of $12,500

Quarterly Interest rate (8%/4) = 2%

Number of quarters = (10 years *4 ) = 40

Present value of annuity $1 (2%, 40 periods) = 27.355

Present value of these quarterly payments = $12,500 * 27.355 = $341,937.50

Hence, Super Ball should deposit $341,937.50 in the account.

super ball lottery should deposit $341,937.50

statement of owner"s equity;

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