Suppose you win the lottery. The jackpot is $250,000, payable $50,000 per year for 5 years. As a lottery winner you would a choice of taking the annual payouts, or the lump sum, but not both. Assume that, for whatever reason, there are no taxes on either the annual payments or the annual payments. If the applicable interest rate (aka discount rate) is 3%, what lump sum would you expect from the lottery winnings?