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5 part question. please explain in detail. Lottery Your dreams...

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Finance

5 part question. please explain in detail.
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Lottery Your dreams of becoming rich have just come true. You have won the State of Tranquility's Lottery The State offers you two payment plans for the $1,000,000 advertised jackpot You can take annual payments of $20,000 at the end of the year for the next 50 years or $180,833 today a. If your investment rate over the next 50 years is 13%, which payoff will you choose? b. If your investment rate over the next 50 years is 9%, which payoff will you choose? c. At what investment rate will the annuity stream of $20,000 be the same as the lump sum payment of $180,833? a. If your investment rate over the next 50 years is 13%, what is the present value of the $20,000 annual payments today? (Round to the nearest dollar)

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