How much will you have in the account when you retire at age 65?

Deliverable Length:

1 – 2 page Word Document, with embedded Excel spreadsheet or screenshot

OBJECTIVESYou will create this assignment following the Assignment Detail instructions below. This assignment will be submitted in the Unit 1 – Submission Assignment lesson in intellipath.

Please submit your assignment.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Review the tutorial titled How to Submit the Intellipath Submission Assignment.

Please submit your work to this week’s Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click “OK” to finish.

Assignment Details

Who Wants to Be a Millionaire?

  1. You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%.
    • What is the amount you will receive today with the lump sum option?
    • Which option would you select? How would you present your argument for your decision in a debate?
  2. Sorry, you didn’t win the lottery, but here’s a way you can still be a millionaire! Starting at age 22, every night you take $5 out of your pocket and put it in a manila envelope (title it “Lottery Winnings”). At the end of the year, you place the money from the envelope in a stock fund with an average interest rate of 10%.
    • How much will you have in the account when you retire at age 65?
    • What would be different if you started this plan later in your life?

Your submitted assignment must include the following:

Submit a double-spaced Word document of 1–2 pages that contains your answers to the four questions listed in the assignment description, any calculations you performed, and all formulae that were used. Also, in the Word document, insert an Excel spreadsheet that shows how you arrived at your answers, or screenshot of the online calculator utilized with your answers shown.

The use of 3 scholarly sources (e.g., textbook, article from the CEC Library) is required.

If you are planning to repurpose an assignment or submit one you have used before, please let your instructor know. If an instructor is not made aware of work being repurposed or reused, he or she will treat the assignment as a plagiarized task and reserves the right to post an F grade and submit a task for review to administration until proof of originality is provided. Click here for more information.

The following are some tips if you have problems submitting your assignment:

  1. Resave in the proper format per the Assignment Detail instructions, and resubmit.
  2. Submit with a different Web browser.
  3. Submit from a different computer.
  4. Call Technical Support at 877-221-5800, Menu Option 2. They are open 24/7.
  5. If you are still having difficulties after trying steps 1–4, please contact your course instructor.

Make sure you submit this assignment by the listed due date. Late deductions will apply for this assignment as follows:

  1. Assignments submitted within 7 calendar days after the stated due date: 10% penalty of total assignment points.
  2. Assignments submitted 8–14 calendar days after the stated due date: 20% penalty of total assignment points.
  3. Assignments submitted 15–21 calendar days after the stated due date: 30% penalty of total assignment points.
  4. Assignments submitted 22–28 calendar days after the stated due date: 40% penalty of total assignment points.
  5. No assignments, including late assignments, will be accepted after the end of the course unless an approved Incomplete has been granted.

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