You have just won a jackpot of $15,000,000 in the lottery and must choose between a lump sum payment today of $10,000,000 or equal installments of $750,000 per year with the first installment coming today and the remainder coming at the end of each of the next 19 years.

1.) If you can invest the proceeds and earn 5 percent, which option should you choose?

2.) At what interest rate would you be indifferent between the cash and annual payment options.

(You can ignore the tax implications.)

***PLEASE SHOW HOW YOU GOT ANSWER*** (IF POSSIBLE VIA BA II PLUS FINANCIAL CALCULATOR)