Megamillions' cash option is higher than Powerball's cash option, by percentage of jackpot amount. Why? (I supposed they would each be based on the same sort of index, but apparently not.) Any explanation? Thanks.
2007-06-20 11:47:59 · 2 answers · asked by Anonymous in Games & Recreation ➔ Gambling
The Powerball annuity is paid out over 29 years. The Megamillions annuity is paid out over 26 years. Since it costs less to buy an annuity that pays out a certain amount over 29 years than it costs to buy an annuity that pays out the same amount over 26 years, the Powerball will have less cash to buy an annuity or pay out as a lump sum cash payout option.
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2007-06-22 14:59:58 · answer #2 · answered by Anonymous · 0⤊ 2⤋