4. The state lottery claims that its grand prize is $5 million. The lucky winner will receive $250,000 upon presentation of the winning ticket plus $250,000 at the end of each year for the next 19 years. Assume 5% discount rate. a-Why isn't this really a million-dollar prize? (5 Points) Money in hand today is more valuable than money in the future. So the yearly payments of $250,000 will be less and less valuable as time goes on. b-What would it actually be worth in dollars to you? (5 Points) C- What would the 20 yearly payments need to be for the present value of the lottery to be $5 million? Hint: The first step is to determine what type of an annuity the lottery represents. (10 Points)