if you decide to select annuity option, how much money would you get each year. Powerball...
if you decide to select annuity option, how much money would you get each year. Powerball lottery. The Winnings were 528.8 million lump-sum was 327.8 the taxes mentioned went as follows :federal 25% and state 4.9%
Homework Answers
Suppose powerball gives option to receive the winnings lumpsum or in annuity for next 30 years.
We have selected the annuity plan for next 30 years.
Each year we will get the following amount:-
Amount that will be won if we select annuity plan = Winnings - Federal tax - State tax
= 528.8 million - (528.8*0.25) - (528.8*0.049)
= 528.8 - 132.2 - 25.9112
= 370.6888 million
Each year we will get = 370.6888/30
= 12.3562 million/year.
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