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The winner of a lottery is awarded $ 3 , 0 0 0 , 0 0 0 to be paid in annual installments of $
The winner of a lottery is awarded $ to be paid in annual installments of $ for years. Alternatively, the winner can accept a "cash value" onetime payment of $ The winner estimates he can earn annually on the winnings. What is the present value of the installment plan? Round your answer to two decimal places.
Should he choose the onetime payment instead?
Yes, he should choose the onetime payment.
No he should not choose the onetime payment.
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