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| Posted by | Message | Jahel
Member since Nov 2011
5576 posts
| Finance calculator guru types, help with a word problem (Posted on 10/8/12 at 3:31 pm)
quote:
Willie McPherson, 74, and Christopher Manzi, 44, started buying Powerball and Mega Millions tickets together in 1987. After a quarter century of trying, they finally hit it big, but it was not with the tickets they had purchased. While McPherson and Manzi did not win money with the tickets, they did receive two $1 Quick Pick tickets as part of a promotion. One of the Quick Pick tickets turned out to be a winner -- a $14 million Mega Millions winner.
quote:
After taxes, Manzi will receive $3.5 million and McPherson will receive $3.3 million, because New York's taxes are higher than New Jersey's.
quote:
Christopher Manzi and Willie McPherson pooled $40 every week since 1987
how much would $40/week be now with compounding? assume it was invested in a hi-growth mutual fund annuity type instrument.
just wondering
ETA: article
This post was edited on 10/8 at 3:33 pm
| | Back to top | Share on  | Waffle House 
Virginia Fan
NYC
Member since Aug 2008
1759 posts
| re: Finance calculator guru types, help with a word problem (Posted on 10/8/12 at 3:43 pm to Jahel)
Back of the envelope guess, between 115-130k.
| | Back to top | | TheHiddenFlask 
Clemson Fan
The Welsh red light district
Member since Jul 2008
16382 posts
| re: Finance calculator guru types, help with a word problem (Posted on 10/8/12 at 4:25 pm to Waffle House)
At 4% annual interest/inflation - 89,000
At 6% - 120,000
At 10% - 232,000
It depends on what your bar is.
| | Back to top | | Jahel
Member since Nov 2011
5576 posts
| re: Finance calculator guru types, help with a word problem (Posted on 10/8/12 at 6:43 pm to TheHiddenFlask)
thought it would be more
thanks for the help
dope heads would have a ton of cash though
| | Back to top | | ZereauxSum 
LSU Fan
Atlanta, GA
Member since Nov 2008
5706 posts
 Online
| re: Finance calculator guru types, help with a word problem (Posted on 10/8/12 at 7:27 pm to Jahel)
I think the lesson here is that it's always "worth it" for the winner, but never for the millions of people who lose.
| | Back to top | | foshizzle
LSU Fan
Member since Mar 2008
25058 posts
Online
| re: Finance calculator guru types, help with a word problem (Posted on 10/8/12 at 7:52 pm to ZereauxSum)
I think the lesson here is ...
quote:
Willie McPherson, 74, and Christopher Manzi, 44, started buying Powerball and Mega Millions tickets together in 1987.
... back in 1987 a 49 year old man was buying lottery tickets with a 19 year old.
But I will admit they're still together after 25 years, that's more than most.
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