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4. [1/2 Points] DETAILS PREVIOUS ANSWERS SAPCALCBR1 6.2.031. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The winner of a lottery is awarded $2,000,000 to be
4. [1/2 Points] DETAILS PREVIOUS ANSWERS SAPCALCBR1 6.2.031. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The winner of a lottery is awarded $2,000,000 to be paid in annual installments of $100,000 for 20 years. Alternatively, the winner can accept a "cash value" one-time payment of $900,000. The winner estimates he can earn 8% annually on the winnings. What is the present value of the installment plan? (Round your answer to two decimal places.) $ 981814.74 Should he choose the one-time payment instead? Yes, he should choose the one-time payment. O No, he should not choose the one-time payment. Additional Materials eBook
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