3. A Lotto has collected $100 million from ticket sales. Twenty percent (20%) of this amount is required to cover expenses plus the Lotto's payment commitment to state and local governments under the Lotto's licensing agreement. The remaining funds will be used to fund the payoffs to any winning tickets. The Lotto funds required payouts by either paying a lump sum of 12 of the Lotto's "quoted" payoff value D funding a bonded annuity with a registered annuity company. The annuity arrangement specifies 25 years of equal annual payments starting one year from now and amortized at 5% annual interest. The advertised or "quoted" payoff value of the jottery is the simple sum of the 25 annual payments. Assume that if the winner elects to receive a lump sum payment of 1/2 the quoted value, any remaining funds are given to state and local governments in addition to their contractual percentage of ticke sales. a. What will the quoted value of the lottery be? f ticket b. If the winner elects to take 2 the quoted value, how much additional money will be available to state and local governments