I just bought a $1 lottery ticket with a promised jackpot of $90 million dollars. The lottery claims that my odds of winning the jackpot are 1 in 20 million, so it seems like a good deal. The jackpot is paid in 30 equal annual installments with the first one paid today. The winnings are also taxable; my marginal tax rate is 25% and the appropriate discount rate is 5% annually. Was the lottery ticket a good investment? What is the expected value of the lottery ticket?