Powerball is currently stating that the jackpot payable to someone holding the winning ticket is $277 million. Suppose if someone one today, that winner will receive a check for $9,233,333 per year at the beginning of each of the next thirty years. a. Is this payment really worth $277 million? Explain. b. Its actually worse than I stated, Winners no longer receive a stream of equal payments for thirty years, Instead, for this $277 million jackpot, theyll receive about $4,170,000 they day they turn in their ticket, and then receive twenty-nine more payments that increase 5% each year for those twenty-nine years. When they add up all thirty payments, it sums to $277 million. In other words, $4,170,000 today. $4,378,500 a year from now. $4,597,425 two years from now. and so on. Explain why this is worse than thirty equal payments of $9,233,333. c. For bonus points, see if you can calculate the present value of both of these payment structures. Thirty equal payments of $9,233,333, payable at the beginning of each of the next thirty years, and the thirty payments (again, at the beginning of each year) that start with $4,170,000 and increase five percent each year.