What would the cash option payout? be

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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 5?% over 22 years. This week the lottery is worth ?$8 million to a single winner. What would the cash option payout? be?

Reference no: EM131625311

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