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9. Alex has won the lottery. He has the choice of the following three options: a. A lump sum of 1,000,000 dollars; b. A single
9. Alex has won the lottery. He has the choice of the following three options: a. A lump sum of 1,000,000 dollars; b. A single payment of 1,166,400 dollars two years from now; c. An annuity with 20 payments at the end of each year for 20 years. Each payment is P dollars. All three options have the same present value at an annual interest rate of i. Determine i and P
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