California Lottery Sales
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I would like to know where the lottery money goes. In particular, the $2 million and $3 million winners are to receive $100,000 and $150,000 yearly for 20 years. This leaves an initial balance of $1.9 million and $2.85 million. If these amounts were to be invested at only 10% interest compounded yearly and with the pay-outs deducted from the balances, at the end of 19 years when the winner has been paid off, there would be $6.5 million and $9.85 million in the accounts.
How is this money to be used? Why can’t the winner receive the full amount immediately and enjoy the benefits? I think the people of California deserve an explanation.
RICHARD F. YARBER
Hawthorne
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