Points$]$

SAPCALCBR$16\mathrm{.}2\mathrm{.}031.$

The winner of a lottery is awarded $$2,000,000$ to be paid in annual installments of $$100,000$ for $20$ years. Alternatively, the winner can accept a "cash value" onetime payment of $$900,000.$ The winner estimates he can earn $8\%$ annually on the winnings. What is the present value of the installment plan? $($Round your answer to two decimal places.$)$

$

Should he choose the one$-$time payment instead?

$$ Yes, he should choose the one$-$time payment.

$$ No$,$ he should not choose the one$-$time payment.

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