# As the contestant with the longest winning streak in the history of ropardy, Ken Jennings won...

As the contestant with the longest winning streak in the history of ropardy, Ken Jennings won more than \$2.5 million. Suppose he invested \$1.6 million in an ordinary annuity that earned 4.8%, compounded monthly. How much would he receive at the end of each month for the next 25 years? (a) Decide whether the problem relates to an ordinary annuity or an annuity due ordinary annuity O annuity due (b) Selve the problem. (Round your answer to the nearest cent.) \$
A state lottery pays \$10,000 at the beginning of each month for 20 years. How much money must the state actually have in hand to set up the payments for this prize if money is worth 8.2%, compounded monthly? (a) Decide whether the problem relates to an ordinary annuity or an annuity due annuity due O ordinary anty (b) Solve the problem. (Round your answer to the nearest cent.) \$
Recent sales of some real estate and record profits make it possible for a manufacturer to set aside \$900,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the beginning of each half-year for the next 5 years if the fund earns 7.3%, compounded semiannually? (a) Dedde whether the problem relates to an ordinary annuity or an annuity due Ordinary arty arty due (6) Solve the problem. (Round your answer to the nearest cent.) \$105223.10

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