Earlier this week the Big Game Lottery jackpot at hit $351 million. The winner(s) will get $13.5 million a year for 26 years(with the first payment at time zero). But the winner(s) will have to pay income taxes. After taxes, if there is a single winning ticket, the winner can choose a one-time payoff of $114 million or $8.9 million a year for 26 years (with the first payment at time zero).

How do I calculate the embedded rate of return associated with the two alternative modes of payoff?