15) OReilly is a masterful lottery player. The megamillion jackpot is now up to $200 million….

15) OReilly is a masterful lottery player. The megamillion
jackpot is now up to $200 million. If OReilly wins the jackpot, he
has a choice of receiving $200 million in five years or a smaller
lump sum now. Advise OReilly on his choice under the following
scenarios. Which option should he take and why? Use Exhibit 3.1. a.
OReillys after-tax return is 10 percent. If he chooses the
current lump-sum option, the lottery will pay him $130 million. b.
OReillys after-tax return is 10 percent. His current tax rate
will be 35 percent if he receives the lottery payment now. His
expected tax rate in five years will be 40 percent. If he chooses
the current lump-sum option, the lottery will pay him $100
million.
ear 4% 5% 6% 7% 9% 10% 11% 12% 962 952 943 935 926 917 909 901 893 925 .907 890 .873 .857 .842 826 .812 797 3 889 .864 840 .816 794 772 751 731 712 4 855 823 792 763 735 ,708 .683 659 636 822 784 747 .713 681 .650 -621 .593 567 790 .746 -705 .666 .630 -596 .564 .535 507 760 .711 .665 .623 .583 547 .513 -482 452 731 .677 .627 582 540 .502 .467 434 404 .703 .645 .592 .544 500 460 .424 391 36l 10 676 .614 .558 .Sos .463 422 386 B52 11 .650 585 .527 475 429 388 350 317 287 12 .625 557 497 .444 397 356 S19 SC 257 13 601 .530 .469 415 368 326 290 258 209 14 577 505 442 3SS 840 299 263 .555 481 417 362 275 .239

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