The following questions should be completed in on excel document, but your answer to each question should go on a different sheet within the document. Appropriately label each sheet with the question number. Your answer to each question should be highlighted on its respective sheet. For any questions with multiple parts (a, b, c, etc.) clearly label your answer to each part of the question.

1. For the PowerBall drawing on Saturday, February 25, the jackpot is estimated to be $58 million. Assume that you win, and are now faced with the option of taking $38.8 million now, or accepting the full $58 million paid in equal installments at the beginning of the year for the next 30 years. Assume the interest rate is the prime rate of 3.25%. Assuming your goal is to maximize the amount of winnings that actually go in your pocket, which option should you select?