Most government lotteries pay out jackpots in the form of a twenty- or thirty-year annuity, but they also give winners the option to collect their

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Most government lotteries pay out jackpots in the form of a twenty- or thirty-year annuity, but they also give winners the option to collect their winnings as a much smaller lump sum. Explain how you would use time value of money analysis to choose between the annuity and the lump sum if you won the lottery.