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You just won Americas Got Talent - and will receive $1,000,000 over 40 years... I...

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Accounting

You just won Americas Got Talent - and will receive $1,000,000 over 40 years... I want the money now... how much net cash will I receive? (you live in CA, USA) You will have to assume some of the information and some of it is fact. Be sure to show what you assumed in your paper so I know how you got your results.
$1M question
1. compute the PV of the stream of payments - I want the $ now !
2. assume the interest rate based upon today's discount rate - research this #
3. once you get the PV then deduct the Fed & state taxes - find the actual rates from the web

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