Suppose you win the Publishers Clearinghouse $10 million sweepstakes. You can either receive $8 million immediately or receive equal annual installments of $333,333.33 over 30 years. Which of the following is correct? (Ignore taxes)

You cannot choose between the two without first calculating future values.

You will always choose the lump regardless of interest rates.

You will choose the annuity payment if the interest rate is 1%.

You will always choose the annuity.