Question: Marcus has won a $8,000,000 state lottery. He can take his prize as either 10 yearly payments of $800,000 or a lump sum of $5,620,000.

Marcus has won a $8,000,000 state lottery. He can take his prize as either 10 yearly payments of $800,000 or a lump sum of $5,620,000. Which is the better option? Assume an interest rate of 7%. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. (Round to the nearest dollar as needed.) O A. The present value of the lottery winnings is $: this is worse than the lump sum of $5,620,000, OB. The present value of the lottery winnings is $; this is better than the lump sum of $5,620,000. OC. The present value of the lottery winnings is the same as the lump sum of $5,620,000

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