Gabrielle just won $3 million in the state lottery. She is given the option of receiving a of $1,500,00 now, or she can elect to receive $120,000 at the end of each of the next 25 years. If Gabrielle can earn 5% annually on her investments, which option should she take?

If Gabrielle takes the prize as an annuity, the present value of the 25-year ordinary annuity is $__