Assume you have won the lottery $($tax freel$)$ and have the choice of receiving $$1,000,000$ now or $$110,000$ payments each year for $20$ years. If the opportunity cost of capital is $6\%,$ which alternative would you choose?

Take $$1,000,000$ nowl

Take $$110,000$ payments!

You would be indifferent as to how you received your winnings.

Cannot be determined.