Compounding Interest and Lotto Probability
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1. Another family in the Federal Reserve study group borrowed $120,000. The loan is to be repaid in 13 years at 12% interest, compounded annually. How much will be repaid at the end of 13 years?
2. Twice a week, the State of Michigan runs a 6 out of 49 number lotto that pays at least $2 million. The State needs to know the probabilities of winning in order to ensure that the lottery has ample reserves for the payouts. You purchase a card for $1 and pick any 6 numbers from 1 to 49. If your numbers match those that the state draws, you win. How many 6-number combinations are there for the drawing? If you buy one ticket, what is your probability of winning (6 out of 6)?
Among the professionals you have interviewed for your article, were several state and federal government spokespersons who use linear equations in a variety of ways.
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Solution Summary
This solution looks at calculating compounding interest and the probability of winning a lottery in an attached Word document.
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