You just won the state lottery - 10 million you have the, Ask an Expert

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You just won the state lottery - $10 Million! You have the option of either taking a lump sum in 30 years, or taking it all today if discounted by a 10 percent interest rate. There is also the option of taking an annuity, which would be one equal payment each year for 30 years. Explain the differences showing appropriate calculations. Do not consider taxes at this time. Include your opinions.

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