Present Value. Winners of the Georgia Lotto drawing are given the choice of receiving the...
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Present Value. Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount divided equally over 22 years or as a lump-sum cash option amount. The cash option amount is determined by discounting the annual winning payment at 9% over 22 years. This week the lottery is worth $11 million to a single winner. What would the cash option payout be? Review Only The cash option payout would be $ . (Round to the nearest cent.) (Use your financial calculatorin computing your answer, and round to the nearest cent.)
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