You have just won a $10,000,000 lottery that entitles you to $1,000,000 at the beginning of the next ten years

a) What is the minimum lump-sum cash payment you would be willing to take now in lieu of the 10 year annually (Suppose the market rate of interest is 8% )

b)If the lottery organization offers youmonthly installments,instead of the lumpsum you found in (a) above, what is the minimum monthly payments you would accept?

c) Suppose 3 years have passed ; just after you receive the third payment and you have seven payments left when the lottery promoters approach you with an offer to settle up for cash. What is the minimum you would accept?