Illinois Lotto
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Illinois lottery called "cash option amount is based on current prices of Treasury of the United States?
Possibilities winning Mega Millions is 1:175,711,536 Pari-Mutuel * * The advertised jackpots are paid in 26 annual installments. However, within 60 days after the drawing, winner may choose to receive the value of the prize money in a lump sum payment. The amount of the cash option is based on current prices of U.S. Treasuries. To obtain an updated estimate of the amount of cash for Mega Millions and Lotto. What is current price of U.S. Treasuries. " Media for a payment?
It means giving you the option of paying a lump sum equivalent to the amount necessary to pay 26 annual installments. This means you pay less than the face value of the jackpot discount interest rate. For example, if you've won a jackpot of $ 78 million, will pay $ 3 million annually, but do not really need to set aside $ 78 million to do that. For example, payment to pay $ 3 million in 25 years that would have to shop around 1.5 million dollars in bonuses for last year – that's like paying the price, they buy enough bonds to cover the payment each year. True value of your money $ 78 can be more like $ 50 million in today's dollars. The good news for winners who want a lump sum is that interest rates (denominated Treasury bonds) is right very low, so a lump sum will be closer to the nominal value at some times than others. (Treasury Bonds not produced so much interest, so the state would have to buy more of them to make each annual payment). The bad news is that the lump sum is almost certain to cost more in income taxes. Oh, and that the lottery is a bad bet. Seriously – do not play with the hope of winning. Whoever does win should get a good tax though.
Illinois Lottery Blooper
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