Suppose you won the lottery. You have a choice between taking an immediate lump-sum payment of $500,000, or annual payments of $40,000 for 20 years. Choose a discount rate (use a WHOLE number percentage based on your estimate of the average rate of inflation over the 20-year payout time) and then make the calculation as to which option would have a greater present value. Use MS Excel or the time value of money tables from our book and show your calculations in MS Word. Show all of your work. You will not receive credit for responses that are not accompanied by evidence of your calculations! Then, respond to the following questions: Which option would you choose and why (this is a present value problem)? What effect might income taxes have on your decision? (Hint: In our progressive income tax system, higher incomes are taxed at higher rates) There is no need to do precise calculations, simply provide a general answer. You must cite your source for your inflation assumption and. Be sure to respond in a business-like manner using proper spelling, grammar, and sentence structure.