John Doe wins the lottery and may pick from the following three choices: 
Assume that John Doe uses a discount rate of 5% to evaluate his choices. If he selects the second option, how much is the present value of that alternative?
Definitions:
Tax Revenue
The revenue governments obtain from imposing taxes.
Excise Tax
An indirect tax charged on the sale of a particular good.
Music Downloads
The act of transferring music files from the internet to a computer or device for offline listening.
Deadweight Loss
The reduction in economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.
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