answers for financial management and risk appraisal please

Q1) (Time Value of Money, Stock Valuation and Capital Budgeting Techniques) [10 Marks] a) Your plans for the future have finally meterialized because you have won the lottery. Congratulations! The lottery marketing material says you have won $20,000,000 but a more careful examination of the terms and conditions means that you have won twenty $1,000,000 beginning-of-the-year cash flows with the first cash flow today. Further, the lottery contract says that instead of waiting for so many years to collect your winnings, you could accept a lump sum check today in the amount of $12,000,000. If you determine that the appropriate interest rate to compare these two alternatives is 6%, which alternative is preferred