PLEASE WRITE ALL FORMULAS YOU WILL USE

5. A lottery offers two options for a prize (7 marks) a. Which option would the winner choose if you expect to live for another: o 20 years? o 50 years? b. Use technology to determine the range of life expectancies when each option is preferred. Show your work c. Write a brief reflection about which option you would choose, and why. Option A: $ 1 000 a week for life. 09 Option B: $1 000 000 in one lump sum. 48 1018 01 If you choose Option B, you have the opportunity to place the winnings into an investment that also makes regular payments, at a rate of 3%/a, compounded weekly. The annuity will pay out a LO sz specific amount weekly based on how long you want the annuity ? . 12 to last