The cash option payout, Winners of the Georgia Lotto

The cash option payout

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Reference no: EM131967675

Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount divided equally over 19 years or as a? lump-sum cash option amount. The cash option amount is determined by discounting the annual winning payment at 9?% over 19 years. This week the lottery is worth ?$3 million to a single winner. What would the cash option payout? be?

The cash option payout would be ?$ ? (Round to the nearest? cent).

Reference no: EM131967675

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