Question 7 3/3 View Policies Show Attempt History v Your answer is correct. The top prize for the state lottery is $113,300,000. You have decided it is time for you to take a chance and purchase a ticket. Before you purchase the ticket, you must decide whether to choose the cash option or the annual payment option. If you choose the annual payment optionand win, you will receive $113,300,000 in 16 equal payments of $7,081,250-one payment today and one payment at the end of each of the next 15 years. If you choose the cash payment, you will receive a one-time lump sum payment of $75,856,113.14. If you can invest the proceeds and earn 7 percent, which option should you choose? (Round factor values to 3 decimal places, eg. 1.521.) Lump sum payment eTextbook and Media Attempts: 1 of 3 used