John won the lottery. He can take annual payment that provides an implied 4% return per year for 45 years or he can take a lower cash amount now and put it in the bank. He wants it safe - in a savings account. What should he do? Also, if John takes it now, he has investment opportunity with a 10% return (and a 50% probability) - should he take the lump sum and invest or should he take the annual payment providing him with an implied 4% return?