Question: You won a lottery that will pay you either: $1,000,000 per year (for 29 years, with the first payment being paid immediately upon winning and

You won a lottery that will pay you either: $1,000,000 per year (for 29 years, with the first payment being paid immediately upon winning and a payment at the end of each of the 29 Years), OR a lump sum equal to the present value of $20,000,000. Discount rate is 5%. Compute the total prize using each payout option. Indicate your choice of payout option showing calculations. Explain the theoretical and conceptual rationale for your choice including both financial and non-financial factors.

From my understanding it is paid today at a current value of $20mm. It could be a greater value in the future with PV of $20mm today but that information was not given. Thank you,

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