How much money must you save each year to accumulate $200,000 for your retirement in 10 years? (rate of return is 8%)
You just won the lottery: 20 million dollars! You have two options to receive it: 1. $10,000,000 cash now (yes, you read it right, they will only pay you half of prize if you want it right now in cash) 2. $1,000,000 per year for 20 years. Assume that you can invest any money you receive at 8% rate, which option will allow you to receive the most money now?