Congratulations; you have just won a very unique contest! There are three methods of the payment of your prize; each method is paid on a monthly basis. But there's still more for you to do! You will first be asked to draw a number between 1 and 30; this number will represent the number of months you will be paid your winnings. You also must be prepared to identify which of the three payment methods you want at that point. The three methods are: Method 1 Method 2 Method 3 Month 1: $1000 Month 1: $100 Month 1: $0.01 Month 2: $1000 Month 2: $200 Month 2: $0.02 Month 3: $1000 Month 3: S300 Month 3: $0.04 Month 4: $1000 Month 4: $400 Month 4; $0.08 You have 24 hours to make your decision before you need to sign the papers. Question 7 Decide which number of months will give you the biggest payout for each method; check all that apply. Group of answer choices For months 22 through 30 choose Method 3 For months 20 through 21 choose Method 3 For the first 19 months choose Method 1 For months 22 through 30 choose Method 1 For the first 19 months choose Method 2 For months 20 through 21 choose Method 2 Question 8 Assuming you chose Method 1, when will Method 2 begin to pay off more total prize money than Method 1? How much would your total prize money be for Method 2 at this point? Group of answer choices Method 2 overtakes Method 1 after 22 months: $25,300.00 Method 2 overtakes Method 1 after 19 months: $21,000.00 Method 2 overtakes Method 1 after 22 months: $23,100.00 Method 2 overtakes Method 1 after 19 months: $20,000.00 Method 2 overtakes Method 1 after 19 months: $19,000.00 Question 9 Assuming you chose Method 2, when will Method 3 begin to pay off more total prize money than Method 2? How much would the total prize money be for Method 3 at this point? Group of answer choices Method 3 overtakes Method 2 after 22 months $20,971.51 Method 3 overtakes Method 2 after 26 months $671,088.60 Method 3 overtakes Method 2 after 23 months $41,943.03 Method 3 overtakes Method 2 after 21 months $20,971.51 Method 3 overtakes Method 2 after 21 months $41,943.03