Present Value of 1 
Future Value of 1 
Present Value of an Annuity of 1 
Future Value of an Annuity of 1 
Milton Shirer has won the New York state lottery when the jackpot was $20 million. He has the options of taking the prize winnings as $2 million per year over the next ten years or a single payment now of $13,000,000. Which option should Milton choose based on present value principles and assuming an 8% annual interest rate compounded annually?
Definitions:
Syntax
The collection of guidelines, norms, and procedures that dictate how sentences are constructed in a specific language, particularly with regards to the arrangement of words and the use of punctuation.
Phonemes
The smallest units of sound that distinguish one word from another in a particular language.
Morphemes
The smallest grammatical units in a language that carry meaning, such as prefixes, suffixes, and roots.
Words
The basic units of language composed of one or more phonemes that convey specific meanings and can be spoken, written, or signed.
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