What would the cash option payout be

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Reference no: EM131223801

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 winning amount at 8% over 22 years.

This week the lottery is worth $5 million to a single winner. What would the cash option payout be?

Reference no: EM131223801

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