On his way home from work, Bill Harris was listening to the radio, which reminded him of

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Question:

On his way home from work, Bill Harris was listening to the radio, which reminded him of the large Lotto Jackpot that night. So, Bill bought a ticket and won the jackpot of $50 million. Bill will be paid in 20 annual installments of $2.5 million. If Bill had selected the “cash value option”, and the prevailing interest rate was 6%, his lump-sum payment would be: (Hint, present value of $2.5 million over 20 periods, using a 6% rate)