Felix just won the lottery and must choose between three award options:

1.	A lump sum of $10,000,000 received today
2.	15 end-of-year payments of $1,250,000
3.	40 end-of-year payments of $900,000

For each option in the table, indicate which values to enter for each variable in your financial calculator.

Now it's time for you to practice what you've learned. Suppose that Felix just won the lottery and must choose between three award options: Assume the interest rate is 8.00%, entered as 8 on your financial calculator. Note: Take the absolute value of the present value when answering this question. Using a financial calculator yields a present value for option 2 of approximately and a present value for option 3 of approximately (when the interest rate is 8.00% ). Based on this, Felix should choose option if he seeks to maximize present value. Now assume the interest rate is 9.00%, entered as 9 on your financial calculator. Note: Take the absolute value of the present value when answering this question. Using the table you just filled out and a financial calculator, yields a present value for option 2 of approximately and a present value for option 3 of approximately (when the interest rate is 9.00% ). Based on this, Felix should choose option if he seeks to maximize present value. Assume the interest rate is 10.00%, entered as 10 on your financial calculator. Note: Take the absolute value of the present value when answering this question. Using the table you just filled out and a financial calculator, yields a present value for option 2 of approximately and a present value for option 3 of approximately (when the interest rate is 10.00% ). Based on this, Felix should choose option if he seeks to maximize present value. As the interest rate increases, options 2 and 3 become attractive, relative to option 1