The winner of a lottery is awarded $3,000,000 to be paid in annual installments of $150,000 for 20 years. Alternatively, the winner can accept a 'cash value one-time payment of $1,350,000. The winner estimates he can earn 8% annually on the winnings. What is the present value of the installment plan? (Round your answer to two decimal places.) Should he choose the one-time payment instead? Yes, he should choose the one time payment. O No, he should not choose the one-time payment. Need Help? Red Tube Ter Submit Answer Practice Another Version