On April 16, 2002 "The Big Game" Lottery in the US States of New Jersey, Illinois and Georgia had a jackpot of $331 million USD. It is almost 20 years since the jackpot was awarded. (resource: https://en.wikipedia.org/wiki/Lottery_jackpot_records(Links to an external site.)) The winner would have been given the opportunity to accept the jackpot in one of two ways:

• As an $331M annuity, payable over 20 years in equal payments each April 16^th.
• As a lumpsum of $174M USD payable on the day the prize was claimed (For the sake of the problem, assume that day is April 16, 2002)

First, using as much historical information as is available do a detailed analysis of which option was the better financial option for the winner of that jackpot now that the 20^th anniversary is approaching. Please be as detailed as possible using actual statistical and historical values from the timeframe we are discussing. Break down how the money would be allocated (as investments, spending, charity or whatever level of detail you feel is necessary to support the analysis) in each scenario you choose to analyze. Secondly, discuss what you would have done with the money had you won. What was your initial thought? Was that decision changed based on the analysis you just completed?