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You are here: Experts > Science > Math for Kids > Word Problems > Problem about two lottery winners
Word Problems - Problem about two lottery winners
Expert: Scott A Wilson - 10/26/2009
Question
Two winners of lottery tickets had a payoff of $3.65 million. If they receie monthly payments over a 20 year period after the IRS witholds $1950 in taxes each month, how much will each winner receive each month?
Answer
There is $3.65 million, which is 3,650,000.
Divide by 20 to get the amount per year.
Now 3.65/2 = 1.825, so over 20 is 0.1825, which is $182,500 a year.
When $182,500 is divided into 12 months, the answer is $15,208.33 per month.
Now if we take away $1,950 is taken away in taxes each month, that leaves $13,258.33.
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