I was sure that in 30 years or so this would produce that million dollars,
thus showing that the average lottery ticket buyer has an intelligent, viable
option to riches. Boy was I wrong. I feel obligated to the list to correct
this impression.
If my figures are correct, the following shows some interesting (for me
anyway) results. I haven't taught finite math in years and I did have fun
recreating the necessry formula, but that means I may have made a mistake. If
so, feel free to supply the correct figures to the list.
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Values of yearly interest rate, amount deposited weekly, number of years
required, amount actually deposited, to produce $1,000,000.
4%, $10 weekly, 109 years, contribution $56,680
8%, $10 weekly, 64 years, contribution $33,280
4%, $332 weekly, 30 years, contribution $517,920
4%, $153 weekly, 45 years, contribution $358,020
6%, $84 weekly, 45 years, contribution $196,560
8%, $44 weekly, 45 years, contribution $102,960
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Anyway, you may recall that the list was discussing whether playing the
lottery at say $10 per week is foolish. I agree more than ever (with
Geoff Akst) that it's probably about as good as any other way to become a
millinaire.
Phil Mahler
Middlesex CC
Bedford, MA