A state lotto has a prize that pays $1,600 each week for 20 years. The total value of the prize: $1,664,000

If the state can earn 9% interest on investments, how much money will they need to put into an account now to cover the weekly prize payments?

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I'm so stuck on this question! I've tried every single formula I can remember from the textbook, but I just don't get it! Apparently the answer is "$771,396.86" but I can't for the life of me understand how! Please help!

Step-by-step explanation:

Start by calculating the effective rate of interest:

.09/52= .0017307

(we divide by 52 because there are 52 weeks in a year)

Then just use the annuity formula

large crystals result from very slow cooling.

evaporation of water: this would produce an evaporite which is a sedimentary rock. like a salt pan in a desert. not possible to have volcanic rocks originate this way.

crystalization in molten earth: slow cooling over time. (hundreds to millions of years)

crystalization at earth's surface: this results in fast cooling. (a few hours to a few months or years)

crystalization from cooling off hot water: that would be a hydrothermal deposit. while associated with volcanics they are not volcanic rocks themselves and usually occur fairly rapidly.