What is the present value of the payout for Option #1, #2 and #3?

Congratulations! You have won a state lottery. The state lottery offers you the following (after-tax) payout options: BE(Click the icon to view the payout options.) (Click the icon to view Present Value of $1 table.) 3 (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Assuming you can earn 12% on your funds, which option would you prefer? The present value of the payout is: (Round your answers to the nearest whole dollar.) Option #1: i Data Table Option #1: $14,000,000 after five years Option #2: $2,150,000 per year for five years Option #3: $13,000,000 after three years Print Done Present Value of $1 | Perious| % | 2% | 3% | 4% | 5% | 6% | 7% | 8% | 9% | 10% | 12% | 14% | 15% | 16% | 18% | 20%, | 0.990 | 0.980 | 0.971 | 0.962 | 0.952 | 0.943 | 0.935 | 0926 10.917 | 0.909 | 0.893 | 0.877 10.870 | 0.862 | 0.847 10.833 0.380 | 0.961 | 0.943 | 0.925 | 0.307 | 0.890 | 0873 | 0.857 | 0.842 | 0826 | 0797 0769 | 0756 | 0743 | 0718 | 0694 0.371 | 0.942 | 0.315 | 0.889 | 0.864 | 0.840 | 0.816 | 0.794 | 0772 | 0751 | 0712 0.675 | 0658 | 0.641 | 0609 | 0.579 0.361 | 0.924 | 0.8ee | 0.855 | 0.823 | 0.792 | 0.763 | 0.735 | 0.708 | 0.683 | 0636 | | 0.592 | | 0572 | 0.552 | 0516 | 0.482 0.9511 0.906 10963 10.922 1074 16747 | 0.681 | 0650 | 0621] 0.567 0.519 | 0497 | 0476 | 0437 | 0402 | 0.942 | 0.88 | 0.837] 0.790 | 0.746 | 0.705 | 0666 0630 | 0.596 | 0.564 | 0.507 0.456 10.432 10410 | 0.370 | 0.335 0.333 | 0871 | | 0.813 | 0.760 | 0.711 | 0.665 | 0623 10.583 10547 | 0513 | 0452 0.400 | 0.376 | | 0.354 | 0.314 | 0.279 0.923 | 0.853 | 0.789 | 0.731 | 0.677 | 0.627 | 0.582 | 0.540 | 0.502 | 0467 | 0404 0.351 | 0.327 10.305 10266 | 10.233 0.314 | 0.837 | 0.766 | 0.703 | 0.545 | 0.592 | 0.544 | 0.500 | 0460 | 0424 | 0361 0.308 | 0.284 10.263 | 0225 || 0.194 0.905 | 0.820 | 0.74 | 0.676 | 0.614 | 0.558 | 0.508 | 0.463 0422 | 0.386 | 0.322 0270 | 0.247 10.227 | 0.191 | 0.162 0.896 | 0.804 | 0.722 | 0.650 | 0. 55 | 0.527 | 0475 | 0429 10.388 | 0350 | 0287 0237 | 0.215 | 10.195 | 0.162 0.135 0.887 | 0.788 | 0.701 | | 0.625 | 0.557 | 0.497 10.444 | 0.397 10.356 0319 | 0.257 10.208 | 0.187 0.168 | 0.137 | 0.112 0.879 | 0.773 | 0.681| 0.601 | 0.530 | 0.469 | 0.415 | 0.368 | 0.326 10.290 | 0229 | 0.182 10.163 | 0.145 | 0.116 0.093 0.870 | 0.758 | 0.661 | | 0.577 | 0.505 | 0.442 | 0.388 | 0.340 | 10299 | 0263 | 0205 || 10.160 10.141 | 0.125 | 0.099 0.078 0.861 | 0.743 | 0.642 | 0.55 | 0.481 | 0.417 | 0.362 | | 0315 | 10.275 | 0.239 | 0.183 0.140 10.123 10.108 | 0.084 0.065 0.853 | 0.728 0.623 | | 0.534 | 0.458 | 0.394 | 0.339 10.292 | 10.252 | 0.218 | 0.163 0.123 10.107 | 0.093 | 0071 | 0.054 0.844 | 076 0.605 | 0.513 | 0.436 || 0.371 0.317 | 0.270 0.231 0.198 | 10.146 0.108 | 0.093 | 0.080 | 0.060 0.045 0.836 | 0.700 || 0.587 | 0.494 | 0.416 | 0.350 || 0296 0250 0180 0.130 0.095 | 0.081 | 0.069 | 0.051 0.038 0.828 | 0.686 | 0.570 | 0.475 | 0.396 | 0.331 10232 | 0194 0.063 | 0.070 | 0.060 | 0.043 | 0.031 0.820 | 0673 | 0.554 | 0.456 | 0.377 | 0312 | 0215 | 0.178 | 0.149 | 0.104 0.073 | 0.061 | 0.051 | 0.037 | 0.026 0.811 | 0.660 | 0.538 | 0.439 | 0.359 | 0.294 10.242 | 110. 14 10.15 1303 0.064 0.053 | 0.044 | 0.031 | 0.022 0.803 | 0.647 | 0.522 | 0.422 0.342 | 0.278 0.226 10.184 10.150 10.123 10.083 0.056 0.046 | 0.038 | 0.026 0.018 0.795 | 0.634 | 0.507 | 0.406 | 0.262 | 0.21 0.170 | 0.138 | 0.12 | 0.074 0.049 0.040 | 0.033 | 0.022 0.015 0.788 | 0.622 | 0.492 | 0.30 1 0.310 | 0.247 10.197 10.158 10.126 10.102 | 0.066 0.043 0.035 | 0.028 | 0.019 0.013 0.780 | 0.610 | 0.478 | | 0.375 | 0.295 | 0.233 | 0.184 0.146 | 0.16 | 0.092 | 0.059 0.038 0.030 | 0.024 | 2016 | 0010 10.772 | 0.598 | 0.464 | 0.361| 0.281 | 0.220 | 0.172 | 0.135 | 0.106 | 0.084 | 0.053 | 0.033 | 0026 | 0021 | 0.014 | 0.009 0.764 | 0.586 | 0.450 | 0.347 | 0.268 | 0.207 10.161 | 0.125 | 0.098 | 0.076 | 0.047 || 0.029 | 0.023 | 2018 | 0.011 | 0.007 0.757 | 0.54 | 0.437 | 0.333 | 0.255 | 0.196 | 0.150 | 0.16 | 0.090 | 0.069 | 0.042 | 0.026 | 0.020 | 2016 | 0.010 | 0.006 0.749 | 0.563 | 0.424 | 0.321 | 0.243 | 0.185 | 0.141 | 0.107 | 0.082 | 0.063 | 0.037 | 0.022 | 2017 | 0.014 | 0.008 | 0.005 0.742 | 0.552 | 0.412 | 0.308 | 0.231 | .174 | 0.131 | 0.099 | 0.075 | 0.057 | 0.033 | 0.020 | 0.015 | 0.012 | 0.007 | 0.004 0.672 | 0.453 | 0.307 | | 0.208 | 0.142 | 0.097 | 0.067 0046 | 0032 | 0022 | 0.011 | 10.005 | | 0.004 | 0.003 | 0.001 | 0.001 0.608 | 0.372 | 0.228 | 0.141 | 0.87] 0.054 | 0.034 | 0.021 | 0.013 | 0.009 | 0.003 | 0.00 | 0.001 | 0.001 0258 | 0.326 5.759 5.092 Present Value of Ordinary Annuity of $1 | Perious| 18 | 2 | 3 | 4% | 5% | 6% | 7% | 8% | % | 10% | | 12% | 14% | 15% | 16% | | 18% | 20%, 0.990 | 0.990 1 0.971 | 0.962 | 0.952 | 0.943 | 0935 10926 10917 | 0.909 | 0.893 | 0877 | 0.870 | 0.862 | 0.847 | 0.833 1970 1.342 | 1.913 | | 1.886 | 1.959 1.233 | 1.808 ] 1.783 | 1758 | 1.736 | 1.690 | 1.647 1.626 | 1.605 1.566 | 1.528 2.941 2.84 | 2.823 2.775 12.723 2.673 | | 2.624 | 2.577 | 2.531 2487 2402 2.322 2.283 2246 247412106 3.302 3.808 3.717 3.630 3.546 3.465 | 3.387 | 3312 | 3240 3.170 3.037 2914 2.855 2.798 12.690 | 2589 4.953 4.713 4.500 4.452 4.323 4.212 | 4.100 | 3993 | 3.890 3.791 13.605 | 3.433 3.352 3.274 3.127 | | 2991 5.795 5.601 | 5.417 5.242 5.076 | 4.917] 4.767 | 4.623 | 4.486 4.355 4.111 13.889 13.784 3.685 3.498 | 3.326 6.728 6.472 6.230 6.002 5.786 | 5.582 | 5.389 | 5.206 15.033 4.868 4.564 | | 4.288 | 4.160 4.039 3.812 2| 3605 7.652 7.325 17.020 6.733 6.463 | 6.210 | 5.971 5.747 5.535 5.335 4.968 | 4.639 | 4.487 4.344 14.078 | 3.837 8.566 | 8.162 | 7.786 7.435 7.108 | 6.802 | 6.515 | 6.247 | 5.995 5.328 | 4.946 | 4.772 4.607 14.303 | 4.031 9.471 | 8.983 | 8.530 | 8.111 7.722 | 7.360 | 7.024 | 6710 | 6418 6.145 5.650 | 5216 | 5019 4.833 14.494 | 4.192 10.368 | 9.787 | 9.253 | 8.760 8.306 17.987 17.499 | 7139 16805 6495 5.938 | 5453 | 5.234 5.029 4.656 | 4.327 11.255 | 10.575 | 9.954 19.385 8.863 | 8. 34 7.943 | 7.536 7.161 6.814 6.194 5.660 | 5.421 5.197 4.793 | 4.439 12.134 | 11.348 | 10.635] 9.386 | | 9.394 | 8.853 | 8.358 7.904 7487 7.103 6.424 | 5.842 | 5.583 5.342 4.910 | 4.533 13.004 | 12.106 | 11.296 | 10.563 | 19.899 | 9.295 | 8.745 8.244 7.786 7.367 6.628 | 6.002 15.724 5.468 5.008 | 4.611 13.865 | 12.849| 11.938 | 11.118 | 10.380 19712 9.108 8.559 18.06] 7.606 6.811 6.142 5.847 5575 | 4.675 14.718 | 13.578 | 12.561| 11.652 | 10.838 | 10.106 | 947 | 8851 | 8.313 | 7.824 6.974 | 6.265 | 5.954 5.669 15.162 | 4.730 15.562 | 14.292 | 13.166 | 12.16 | 1.274 | 10.47] 9.763 | 9122 | 8.544 | 8.022 7.120 | 6.373 | 6.047 15.749 15.222 | 4.75 16.398 | 14.992 | 13.754 | 12.659 || 1.690 | 10.828 | 10.059 | 9372 | 8756 8.201 7.250 | 6467 | 6.128 15.818 5.273 | 4.812 17.226 | 15.678 | 14.324 | 13.134 12.085 | 11.158 | 10.336 | 9604 | 8950 8.365 7.366 | 6.550 | 6.198 5.877 5.316 | 4.844 18.046 | 16.351 | | 14.87 | 13.590 12.462 | 1.470 | 10.594 | 9818 | 9.129 8.514 7.469 | 6623 | 6259 5929 5.353 14.870 18.857 | 17.011 | 15.415 | 14.029 12.821 | 11.764 | 10.836 | 10.017 | 9.292 8.649 | 17.562 | 6687] 6.312 5973 5.384 14.891 | 17.658 | 15.337 | 14.451 13.163 | 12.042 | 11.061| 10.201 | 9442 8.772 17.645 | 6743 | 6.359 6.011 4.909 | 18.292 | 16.444 | 14.857 13.489 | 12.303 | 11.272 | 10.371] 9.580 8.883 | 7.718 | 6792 | 6.399 6.044 5.432 4.925 | 18.314 | 16.336 | 15.247 13.799 | 12.550 | 11.469 | 10.529 | 9.707 8.985 7.784 | 6.835 | 6.434 6073 5.451 4.937 | 19.523 | 17.413 | 15.622 14.094 | 12.783 | 11.654 | 10.675 | 9.823 9077 7.843 | 6.873 | 6.464 6.097 5.467 4.948 | 20.121 | 17.877 | 15.383 | 14.375 | 13.003 | 11.826 | 10.810 | 9929 | 9.161 | 7.896 | 6906 | 6.491 5.480 4.956 20.707 | 18.327 | 16.330 | 14.643 | 13.211 | 11.987 | 10.935 | 10.027 | 9237 7.943 | 6935 | 6. 54] 6.136 | 5492 4.964 | 18.764 | 16.663 14.898 | 13.406 | 12.137 | 11.051 | 10.116 | 9307 7.984 | 6961| 6.534 | 6.152 | 5.502 | 14.970 21.844 | 19.188 | 16.984 | 15.141 | 13.591 | 12.278 | 11.158 | 10.198 | 9370 18.022 | 6963 | 6.551 | 6.166 | 5.510 | | 4.975 | 2.396 | 19.600 | 17.292 | 15.372 | 13.765 | 12.409 | 11.258 | 10.274 | 9427 8.055 | 7.003 | 6.566 | 6.177 | 5.517 | 4.979 32.835 27.355 | 23.15| 19.733 | 17.159 | 15.046 | 13.332 | 11.925 | 10.757 || 8.244 | 17.105 | 6.642 16.233 | 5.548 | 14.997 33.196 | 31.424 | 25.730 | 21.482 | 18.256 | 15.762 | 13.801 | 12.233 | 10.962 | 9915 | 8.304 | 7.133 | 6.661 | 6.246 | 5.554 | 4.999 5.410 075719779 Future Value of $1 Periors | | | 3 | 4 | 5% | 5% | 7 | | | 10% | 12% ] 44% 15% 1.210 11.020 11.0301 1.240 | 1.050 | 1.060 | 1.070 | 1.080 | 1.090 | 1.100 | 1.120 | 1.140 | 1.150 1.020 | 1.040 | 1.061 1.082 | 1.103 | 1.124 | 1.145 | 1.166 | 1.188 | 1.210 | 1.254 | 1.300 | 1.323 1.030 | 1.061 | 1.033 1.125 1.158 | 1.191 | 1.225 1.260 | 1.295 | 1.331 | 1.405 | 1.482 1.521 1.041 | 1.082 | 1.126 1.170 | 1.216 | 1262 | 1.311 1.360 | 1.412 | 1.464 | 1.574 | 1.689 1.749 1.051 | 1.104 | 1.159 1.217 1.276 | 1.338 | 1.403 1.463 | 1.539 | 1.611 | 1.762 1.325 2011 1.062 | 1.126 | 1.194 1.265 1.340 | | 1.419 11.501 1.587 1.677 | 1.772 | 1.974 2.195 2.313 1.072 1.149 | 1.230 1316 1.407 | 1.504 1.606 1.714 1.828 | 1.948 | 2211 2.502 2.660 1.03 1.172 | 1.267 1.369 1.477 | | 1.594 1.718 1.851 1.993 | 2.144 | 2.476 2.853 3.059 1.094 1.195 | 1.305 1.423 1.5511 1.683 1.838 1.999 2.172 | 2.358 2.773 3.252 3.518 1.105 1.219 | 1.344 1.490 1.629 | 1.791 1.967 2.159 2.367 12.54 13.106 3.707 4.046 1.116 | 1.243 | 1.384 | 1.533 | 1.710 | 1.998 2.105 | 2.332 2.580 | 2.853 | 3479 | 4.226 14.652 1.127 | 1.268 | 1.426 | 1.601 | 1.796 | | 2.012 2.252 | 2.518 | 2.813 | 3.138 | 3.896 | 4.818 | 5.350 1.138 | 1.294 | 1.469 11.665 | 1.886 | 2.133 2.410 | 2.720 | 3.066 | 3.452 | 4.363 | 5.492 | 6.153 1.149 | 1.313 | 1.513 | 1.732 | 1.980 | 2.261 2.579 | 2.937 | 3.342 | 3.798 | 4.887 | 6.261 | 7.076 1.161 | 1.346 | 1.558 | 1.801 2.073 | 2.397 2.759 | 3.172 | 3.642 | 4.17 | 5.474 | 7.138 18.137 1.173 | 1373 | 1.605 1.873 2.183 | 2.540 2.952 3.426 3.970 4.595 16.130 8.137 9.358 1.14 1.400 | 1.653 1.948 2.292 2.693 3.159 3.700 4.328 5.054 6.866 9.276 10.76 1.196 | 1.428 | | 1.702 2.026 | 2407 | 2.854 3.380 3.996 4.717 | 5.560 7.690 10.58 12.38 1.208 1.457 | | 1754 2.107 2.527 13.026 3.617 4.316 5.142 | 6.116 8.613 12.06 14.23 1.220 1.486 | 1.806 2.131 12.653 | 13.207 3.870 4.661 5.604 | 6.727 9.646 13.74 16.37 | 1.516 | 1.860 2.279 2.786 | 13.400 4.141 5.034 6.109 | 7.400 | 10.80 15.67 18.82 1.245 1.546 | 1.916 2.370 2.925 3.604 4.430 5.437 6.659 | 8.140 12.10 17.86 21.64 1.257 1.57 | 1.974 2.465 3.072 13.820 4.741 5.871 7.258 | 8.954 13.55 20.36 24.89 1.270 | | 1.608 | 2.033 2.563 3.225 4.049 5.072 6.341/ 17.91 | 9.850 | 15.18 23.21 28.63 1.282 | 1.641 | 2.094 2.666 13.386 | 4.292 5.427 6.848 18.623 | | 10.83 17.00 26.46 32.92 1.295 | 1.673 | 2.157 2.772 3.556 | 4.543 5.807 7.396 9.399 11.92 | 19.04 30.17 37.86 1.308 1.707 | 2.83 3.733 | 4.822 6.214 7.988 10.25 13.11 21.32 34.39 43.54 1.321 1.41 | | 2.288 2.999 3.920 5.12 6.649 8.627 11.17 14.42 23.88 | 33.20 50.07 1.335 1.776 | 2.357 3.19 4.116 5.418 714 9.317 12.17 15.86 26.75 | 4.69 57.58 1.348 1.81 | 2427 3.243 4.322 5.743 7.612 | 10.06 | 13.27 17.45 23.96 15095 66.21 1.489 2.208 | 13.262 4.801 17.040 | 10.29 14.97 21.72 | 31.41 45.26 93.05 188.3 267.3 | 1.645 | 2.692 | 4.384 | 7.107 | 11.47 | 18.42 | 29.46 | 46.90 | 74.36 | 1174 | 299.0 | 700.2 | 1,084 1.232 2221 | 22.95 47.58 Future Value of Ordinary Annuity of $1 | Perious| 18 | 2% | 3% | 48 | 5% | 6% | 7% | 6% 1 % | 10% | 12% ] 14% | 15% 11.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | | 1.000 | 1.000 2.010 2.020 12.030 | 2.040 | 2.050 | 2.060 | 2.070 | 2.080 | 2.090 | 2.100 2.120 | 12.140 | 2.150 3.030 3.060 | 3.091 | 3.122 | 3.153 3.14 3.215 | 3.246 13.278 13.310 13.374 | 13.440 | 3473 14.060 4.122 4.18 | 4.246 | 4.310 14.375 4.440 | 4.506 | 4.573 | 4.641 4.779 | | 4.921 14.993 15.101 5.204 | 5.309 | 5416 | 5.526 5.637 5.751 | 5.867 | 5.985 | 6.105 | 6.353 | | 6.610 6.742 6.152 16378 | 6.468 | 6.633 | 6.802 6.375 7.153 | 7.336 | 7.523 17716 | 8.15 | | 8.536 | 8754 7.214 7.434 7.662 | 7.898 | 8.142 | 8.394 | 18.654 8.923 | 9.200 | 9.487 | 10.09 | 10.73 11.07 8.286 18.53 8. 892 | | 9.214 | 9.543 19.897 10.260 10.64 | 1.03 11.44 | 12.30 | | 13.23 13.73 9.369 9.755 10.16 | 10.58 | 11.03 | 1149 11.98 | 12.49 | 13.02 13.58 | 14.78 | 16.09 10.46 10.95 | 11.46 | 12.01 2.58 | 13.18 13.82 14.49 | 15.19 15.34 17.55 19.34 11.57 12.17 12.81 | 13.49 | 14.21 14.37 15.78 16.65 | 17.56 18.53 20.65 23.04 12.68 13.41 14.19 | 15.03 15.92 16.87 17.89 18.98 20.14 21.38 24.13 27.27 13.81 14.68 15.62 | 16.63 17.71 18.88 20.14 21.50 24.52 28.03 32.09 14.95 15.97 17.09 | 18.29 | 19.60 21.02 22.55 24.21 | 26.02 27.38 32.39 | 37.58 16.10 17.29 18.60 | 20.02 | 21.58 | 23.28 25.13 | 27.15 | 29.36 31.77 37.28 | 43.84 17.26 18.64 | 20.16 | | 21.82 | 23.66 25.67 27.9 | 30.32 | 33.00 | 35.95 | 42.75 50.98 55.72 18.43 20.01 21.76 23.70 25.84 28.21 30.84 33.75 36.97 40.54 48.98 59.12 65.08 21.41 25.65 28.13 30.31 4.00 37.45 | 41.30 45.60 5.75 68.39 75.84 2.84 27.67 30.54 33.76 37.38 41.45 | 46.02 51.16 63.4 78.37 88.21 24.30 29.78 33.07 36.79 41.00 45.76 51.16 72.05 91.02 102.4 25.78 28.68 31.97 35.72 39.99 4.87 50.42 | 56.76 | 81.70 | 104.8 | 1188 27.30 43.39 49.01 55.46 71.40 192.50 | 120.4 | 137.6 28.85 36.62 41.43 47.00 60.89 | 79.54 104.6 | 138.3 | 159.3 30.42 4.43 33.08 4.50 50.82 58.18 66.76 | 76.79 | 8.50 18.2 | 158.7 | 14.2 32.03 36.46 41.65 47.73 4.86 63.25 73.11 | 4.70 8.35 | 133.3 | 181.9 | 212.8 33.67 38.55 4.31 51.11 59.16 68.68 79.95 193.32 103.2 150.3 | 208.3 1245.7 30.82 35.34 40.71 47.08 54.67 63.71 74.48 87.35 | 102.7 121.1 163.4 238.5 | 283.6 37.05 42.93 49.37 58.40 68.53 80.70 | 95.34 | 113.0 134.2 190.7 327.1 38.79 45.22 152.97 62.32 73.64 87.35 | 104.0 | 124.1 148.6 214.6 ) 1312.1 377.2 40.57 47.58 | 56.08 | 66.44 | 79.06 | 4.46 | 1133 | 136.3 | 164.5 241.3 | | 356.8 | 434.7 60.40 | 75.40 195.03 | 120.8 | 154.8 | 199.6 | 259.1 | 337.3 42.5 | 767.1 | 1,342 | 1,779 4.58 12.8 | 152.7 | 203.3 | 290.3 | 406.5 | 573.8 | 815. 1 1.164 | 2400 | 4,995 17.218 6.gi 57.28 | .00 | 62.87 | 69.53 8.53 2.17 272.9 | 8.46