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You have just won a lottery jackpot, and you must choose among the three award options. You can opt to receive a lump sum today

You have just won a lottery jackpot, and you must choose among the three award options. You can opt to receive a lump sum today of R61 million, to receive 10 end-of-year payments of R9.7 million, or to receive 25 end-of-year payments of R6 million. Required: 1.1. If you think he can earn 7% annually, which should he choose? (4)1.2. If you expect to earn 8% annually, which is the best choice? (4)1.3. If you expect to earn 10% annually, which option would you recommend? (4)1.4. Explain how interest rates influence your choice. (

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