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Review the options for payment for either the https://www.powerball.com/faqs or
Review the options for payment for either the https://www.powerball.com/faqs or https://www.megamillions.com/ lottery.PowerballA Powerball jackpot winner may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump-sum payment (cash option). For the annuity, the annual payments increase by 5%. The cash value option, in general, is the amount of money required to be in the jackpot prize pool, on the day of the drawing, to fund the estimated jackpot annuity prize. The advertised jackpot annuity and cash value are estimates until ticket sales are final, and for the annuity, until the Multi-State Lottery Association takes bids on the purchase of securities.
Mega MillionsIf you are a Mega Millions® jackpot winner, you will have the choice of a Cash Option or an Annual Payout. Annuity option: Provides for an initial annual payment followed by 29 annual payments. Each payment is 5 percent larger than the previous one. Cash option: A one-time, lump-sum payment that is equal to all the cash in the Mega Millions jackpot prize pool. Prize claim parameters vary from state to state. Contact your Mega Millions state lottery for detailed information.
Select either lottery and complete the following:Using the current lottery estimate, calculate the net present value of the annuity option payments and compare this to the cash option.
Explain your calculations including what interest rate you used to make your calculations. Justify your answer and use of interest rate.
Explain whether you would select the cash option or the annuity and why.
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