Please include calculations/explanations; thank you.

Congratulations! You have won a state lottery. The state lottery offers you the following (after-tax) payout options: B (Click the icon to view the payout options.) (Click the icon to view Present Value of Ordinary (Click the icon to view Present Value of $1 table.) Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) of $1 table.) (Click the icon to view Future Value of Ordinary Annuity Assuming you can earn 12% on your funds, which option would you prefer? The present value of the payout is: (Round your answers to the nearest whole dollar.) Present value of the payout, Option #1: - Data Table Option #1: $15,000,000 after five years Option #2: $2,000,000 per year for five years Option #3: $12,000,000 after three years Print Done - Reference Present Value of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.951 0.906 0.863 0.822 0.784 0.747 0.713 8% 9% 10% 12% 14% 0.926 0.917 0.9090.893 0.877 0.857 0.842 0.826 0.797 0.769 0.794 0.772 0.751 0.712 0.675 0.735 0.708 0.683 0.636 0.592 0.681 0.650 0.621 0.567 0.519 0.666 0.630 0.596 0.564 0.507 0.456 0.623 0.583 0.547 0.513 0.452 0.400 0.582 0.540 0.502 0.467 0.404 0.351 0.544 0.500 0.460 0.424 0.361 0.308 0.508 0.463 0.422 0.386 0.322 0.270 Period 6 0.942 0.888 0.837 0.790 0.746 0.705 Period 7 0.933 0.8710.813 0.760 0.711 0.665 Period 8 0.923 0.853 0.789 0.731 0.677 0.627 Period 9 0.914 0.837 0.766 0.703 0.6450.592 Period 10 0.905 0.820 0.744 0.676 0.614 0.558 Period 11 0.896 0.8040.722 0.650 0.585 0.527 Period 12 0.887 0.788 0.701 0.625 0.557 0.497 Period 13 0.879 0.773 0.681 0.601 0.530 0.469 Period 14 0.870 0.758 0.661 0.577 0.505 0.442 Period 15 0.861 0.743 0.642 0.555 0.481 0.417 0.475 0.444 0.415 0.388 0.362 0.429 0.388 0.350 0.287 0.237 0.397 0.356 0.319 0.257 0.208 0.368 0.326 0.290 0.229 0.182 0.340 0.299 0.263 0.205 0.160 0.315 0.275 0.239 0.183 0.140 Period 16 0.853 0.7280.623 0.534 0.458 0.394 Period 17 0.844 0.714 0.605 0.513 0.436 0.371 Period 18 0.836 0.7000.587 0.494 0.416 0.350 Period 19 0.828 0.686 0.570 0.475 0.396 0.331 Period 20 0.820 0.673 0.554 0.456 0.377 0.312 0.339 0.317 0.296 0.277 0.258 0.292 0.252 0.218 0.163 0.123 0.270 0.231 0.1980.146 0.108 0.250 0.212 0.180 0.130 0.095 0.232 0.194 0.164 0.116 0.083 0.215 0.178 0.149 0.104 0.073 Period 21 0.811 0.660 0.538 0.439 0.359 0.294 Period 22 0.803 0.647 0.522 0.422 0.342 0.278 Period 23 10.795 | 0.634 0.507 0.406 1 0.326 | 0.262 0.242 0.226 0.211 0.199 0.184 0.170 0.164 0.135 0.093 0.064 0.150 0.123 0.083 0.056 0.138 0.112 | 0.074 | 0.049 Reference Present Value of Ordinary Annuity of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.893 0.877 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 1.6901.647 2.9412.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 | 2.487 2.402 2.322 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 2.914 4.8534.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 3.605 3.433 Period 6 Period 7 Period 8 Period 9 Period 10 5.795 5.601 5.417 6.728 6.472 6.230 7.652 7.325 7.020 8.5668.162 7.786 9.471 8.983 8.530 5.242 5.076 4.917 4.767 4.623 4.4864.355 4.111 3.889 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.564 4.288 6.733 6.463 6.210 5.971 5.747 5.535 5.335 4.968 4.639 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.328 4.946 8.111 7.722 7.360 7.0246.710 6.418 6.145 5.650 5.216 Period 11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 5.938 5.453 Period 12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 | 7.1616.814 6.194 5.660 Period 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103 6.424 5.842 Period 14 13.004 12.106 | 11.296 10.563 9.899 9.295 8.745 8.244 7.786 | 7.367 6.628 6.002 Period 15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 6.811 6.142 Period 16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 8.313 7.824 6.9746.265 Period 17 15.562 14.292 13.166 12.166 11.274 10.4771 9.763 9.122 8.544 8.022 7.1206.373 Period 18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.2017.250 6.467 Period 19 17.226 15.678 14.32413.134 12.085 11.158 10.336 9.604 8.950 8.365 7.366 6.550 Period 20 18.046 16.351 14.877 13.590 12.462 11.470 10.594 9.818 9.129 8.514 7.469 6.623 Period 21 18.857 17.011 15.415 14.029 12.821 11.764 10.836 10.017 9.292 8.649 7.5626.687 Period 22 19.660 17.658 15.937 14.451 13.163 12.042 11.061 10.2019.4428.772 | 7.645 6.743 Period 23 20.456 18.292 | 16.444 14.857 | 13.489112.303 11.272 l 10.3711 9.580 | 8.883 7.718 16.792 - Reference Future Value of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.120 1.140 1.020 1.040 1.061 1.082 1.103 | 1.1241.145 1.166 1.1881.210 1.254 | 1.300 1.030 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.405 1.482 1.041 1.0821.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.574 1.689 1.051 1.104 1.159 | 1.217 1.276 1.338 1.403 1.469 1.539 1.611 1.762 1.925 1.062 1.126 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.974 2.195 1.072 1.149 1.230 1.316 1.407 1.504 1.606 1.714 1.828 1.949 2.211 2.502 1.083 1.172 1.267 1.369 1.4771.594 1.718 1.851 1.993 2.144 2.476 2.853 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.773 3.252 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594 3.106 3.707 Period 6 Period 7 Period 8 Period 9 Period 10 Period 11 Period 12 Period 13 Period 14 Period 15 1.116 1.243 1.384 1.539 1.710 1.898 2.105 2.332 2.580 2.853 3.479 4.226 1.127 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.896 4.818 1.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3.066 3.452 4.363 5.492 1.149 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342 3.798 4.887 6.261 1.161 1.346 1.558 | 1.801 2.079 2.397 2.759 3.172 3.642 4.177 5.474 | 7.138 Period 16 Period 17 Period 18 Period 19 Period 20 1.173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 6.130 8.137 1.184 1.400 1.653 1.948 2.292 2.6933.159 3.700 4.328 5.054 6.866 9.276 1.196 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717 5.560 7.690 10.58 1.208 1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 8.613 12.06 1.220 1.486 1.806 2.191 2.653 3.2073.870 4.661 5.604 6.727 9.646 13.74 Period 21 Period 22 Period 23 1.232 1.516 1.860 2.279 2.786 3.400 4.1415.034 6.109 7.400 1.245 1.546 1.916 2.370 2.925 3.604 4.430 5.437 6.659 8.140 1.257 1.577 1.974 | 2.465 3.072 3.820 4.741 5.871 | 7.258 | 8.954 10.80 15.67 12.10 17.86 13.55 | 20.36 Reference Future Value of Ordinary Annuity of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.120 2.140 3.030 3.060 3.091 3.122 3.153 3.1843.215 3.246 3.278 3.310 3.374 3.440 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.779 4.921 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.353 6.610 Period 6 Period 7 Period 8 Period 9 Period 10 6.152 6.308 6.468 6.633 6.8026.975 7.153 7.336 7.523 7.716 8.115 8.536 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.2009.487 10.09 10.73 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.64 11.03 | 11.44 12.30 13.23 9.369 9.755 10.16 10.58 11.03 11.49 11.98 12.49 13.02 13.58 14.78 16.09 10.46 10.95 11.46 12.01 12.58 13.18 13.82 14.49 15.1915.94 17.55 | 19.34 Period 11 Period 12 Period 13 Period 14 Period 15 11.57 12.17 12.81 | 13.49 14.21 14.97 15.78 16.65 17.56 18.53 20.65 23.04 12.68 13.41 | 14.19 15.03 15.92 16.87 17.89 18.98 20.14 21.38 24.13 27.27 13.81 14.68 15.62 16.63 17.71 18.88 20.14 21.50 22.95 24.52 28.03 32.09 14.95 15.97 17.09 18.29 19.60 21.02 22.55 24.21 26.02 27.98 32.39 37.58 16.10 17.29 18.60 20.02 21.58 23.28 25.13 27.15 29.36 31.77 37.28 43.84 Period 16 Period 17 Period 18 Period 19 Period 20 17.26 18.64 20.16 21.82 23.66 25.67 27.89 30.32 33.00 35.95 42.75 50.98 18.43 20.01 21.76 23.70 25.84 28.21 30.84 33.75 36.97 40.54 48.88 59.12 19.61 21.41 23.41 25.65 28.13 30.9134.00 37.45 41.30 45.60 55.75 68.39 20.81 22.84 25.12 27.67 30.54 33.76 37.38 41.45 46.02 51.16 63.44 78.97 22.02 24.30 26.87 29.78 33.07 36.79 41.00 45.76 51.16 57.28 72.05 91.02 Period 21 Period 22 Period 23 23.24 25.78 28.68 31.9735.72 39.99 44.87 50.42 56.76 64.00 81.70 104.8 24.47 27.30 30.54 34.25 38.51 43.39 49.01 55.46 62.87 71.40 92.50 120.4 25.72 | 28.85 1 32.45 | 36.62 41.43 | 47.00 53.44 | 60.89 1 69.53 | 79.54 104.6 | 138.3