abrielle just won $ 2.4million in the state lottery. She is given the option of receiving a of $1,400,000 now, or she can elect to receive $ 120,000at the end of each of the next20 years. If Gabrielle can earn5 % annually on her investments, which option should she take?

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Part 1

If Gabrielle takes the prize as an annuity, the present value of the -year ordinary annuity is $

enter your response here. (Round to the nearest dollar. A)annuity payment or B)Lump sum payment