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Congratulations! You have just won a $20 million Powerball Lottery. You have a choice of payouts. You can either take a $15 million lump-sum today

Congratulations! You have just won a $20 million Powerball Lottery. You have a choice of payouts. You can either take a $15 million lump-sum today or you can receive an annuity of $1 million for the next 20 years. Assuming a discount rate of 3% which one should you choose? What if the annuity grows at 1% per year? Please show all calculations.

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