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Question: On December 11, 2008 your client won $37.5 million in the lottery. The lottery commission gave them the option of receiving a lump sum or a 20-year annuity paying $1,875,000 each year, with the first payment received on December 11, 2008 and the last payment to be received on December 11, 2028. Your client decided to take the annuity option and has received thirteen payments so far. The annuity payments are made annually by Canada Life Assurance on December 11 of each year.
Your client has decided to sell the remaining lottery payments and has retained you to negotiate the best deal available. The deal must be consummated before December 11, 2020. The remaining payments, including the next payment that is due December 11, 2020, will belong to the company that buys the stream of lottery payments from your client.
What is the value of the stream of lottery payments? You must show all work to receive credit!
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