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The winner of a lottery is awarded $3,000,000 to be paid in annual installments of...

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Accounting

The winner of a lottery is awarded $3,000,000 to be paid in annual installments of $150,000 for 20 years. Alternatively, the winner can accept a "cash value" one-time payment of $1,350,000. The winner estimates he can earn 7% annually on the winnings. What is the present value of the installment plan? (Round your answer to two decimal places.)
Should he choose the one-time payment instead?
Yes, he should choose the one-time payment.
No, he should not choose the one-time payment.
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