You win a lottery and are offered a one time lump sum payment of $1,000,000 (NOW) or five (5) payments of $150,000 - one per year. (a) What is the lottery payment plan implied rate of time preference (approximation is ok)? (b) If you decide to take the lump sum, is your time higher or lower than the lottery payment plan's time preference? (c) How would your expectations of future inflation/deflation effect your decision on choosing lump sum versus annuity? Show the table of your annuity payment calculations to support your answers