You just won the lottery. The jockpot is advertised as $600 million. You have two choices for how to receive the winnings. The prize may be paid as an annual annuity of $20 million over 29 years, with the first payment today and the 30 th payment 29 years from today. or as a single lump sum payment of $250 million loday. If you expect to earn 6.5% on your investments, which poyout option should you choose? 104 The annual payout of $20 over the next 29 years because it offers the higher present value. The lump sum payment of $250 million today because it offers the highest present value. The annual payout of $20 over the next 29 years because the sum of the payments is $600 militon while the fump sum is only $250 milion The two options aro equivalent once the TVM is considered