Calculating returns on Lotto prize

COLLETTE DEVLIN
Last updated 05:00 27/11/2012
Southland Times photo
ROBYN EDIE/The Southland Times
SBS Bank Invercargill branch manager Neil Bramley working out the interest calculations for the winning $20.5 million Lotto which was won in Invercargill at the weekend.

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The winning $20.5m Lotto ticket if invested, could earn a potential of $2500 in interest a day.

The winner of the ticket sold in Invercargill at the weekend, made contact with the Lotteries Commission today.

While giving sketchy details this morning, Lotteries communication spokesperson Emilia Mazur said the winner was a man from the South Island.

She was unable to confirm if the winner was from Invercargill.

The winner has yet to officially claim his money but he was considering his options, she said.

His options included going to the store where he bought the ticket to get a claim ticket or travel to Wellington to claim it there, she said.

The secret Lotto Powerball multimillionaire has the potential to earn about $2500 in interest each day.

SBS Bank chief executive Ross Smith said the rate of investment was about 4.5 per cent, which would mean the winner would make about $900,000 per year before tax in interest, if he invested wisely.

''You could live very comfortably on that,'' he said.

The $20.5 million winning ticket was sold at Windsor Stationery and Lotto shop.

Windsor Stationery and Lotto shop owner Owner Betty Sinclair said ticket sales had more than doubled at the store yesterday and tickets were still flying out the door, she said

''With the number of tickets we have sold already, we could have another millionaire on our hands''.

This week the Lottery is $1million, Powerball is $4m and Strike is $1m.

A triple ticket holder would be in with the chance of winning all three.

The lucky winner had been the topic of almost every conversation, Mrs Sinclair said.

"People are making guesses who they think the winner is but I think a lot of them are wrong," she said.

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- © Fairfax NZ News

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