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3. Juan has just won a lottery. He can get $13 million now (after-tax, lumpsum or one-time option), or he can get $1 million annually for 25 years starting today (after-tax, 25 payments of $1 million each). In both options, he can save his money at a local bank, which is offering a 7% per year return on deposits. Juan is not sure if he should pick a lumpsum option or 25-payments option. He comes to you for help. What is the benefit (or loss) of choosing the lumpsum option in today's dollars? 4. Exactly six years ago, Cathy bought her dream home using a 30-year mortgage with an APR of 6.5% on a $500,000 loan. She has been making her monthly payments. Today, she came to know that her bank is offering a special mortgage refinance offer at an APR of 4.25% on 20-year mortgages. How much will Cathy's monthly payment change, if she decides to refinance today