Melissa has bought a $2 lottery ticket every week for the past 20 years. This week, she won for the first time $2,000, before 30% taxes that are taken out. Compare these winnings to her total investment, and explain if it was a worthwhile investment for her?
No it is no not worth it because you literally invested $2,080 to only receive $1,400 in winnings. THAT IS A NET LOSS!! —————————————————————- How many weeks in a year = 52 How much spend in 1 year = 52($2) = $104 How much in 20 years = $104(20) = $2080 —————————————————————- Wins = $2000 <— Before TAXES After Taxes: X/2000 = 30/100 100x = 60,000 x = 600 So 2000 - 600 = $1400 <— AFTER TAXES
