uppose you win a small lottery and have the choice of two ways to be paid: You can accept the money in a lump sum or in a series of payments over me. If you pick the lump sum, you get $2,850 today. If you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from oday, and $1,000 2 years from today. At an interest rate of 9% per year, the winner would be better off accepting the , since that choice has the greater present value. At an interest rate of 11% per year, the winner would be better off accepting , since it has the greater present value