You win $100,000,000 in a lottery. The lottery commission offers you two options: (1) You can take the lump sum $59,506,497 now. (2) You can get $1,505,143 now and get periodic yearly payments that grow at 5% per year for the next 29 years. (That is, in one year you get $1,505,143(1.05), in two years you get $1,505,143(1.05)(1.05), and so on for 29 years.) What is the implicit discount rate the lottery commission is using if you take the lump sum payout of $59,506,497?

Solve this problem using the Goal Seek function in Excel.