Suppose you win a small lottery and have the choice of two ways to be paid: You can accept the money in a lump sum or in a series of payments over time. If you pick the lump sum, you get $2,750 today. If you pick payments over time, you get three payments:$1,000 today, $1,000 1 year from today, and$1,000 2 years from today. 1) At an interest rate of 6% per year, the winner would be better off accepting the ________ (lump sum or payments over time), since it has the greater present value. 2)

Question:

Suppose you win a small lottery and have the choice of two ways to be paid: You can accept the money in a lump sum or in a series of payments over time. If you pick the lump sum, you get $2,750 today. If you pick payments over time, you get three payments:$1,000 today, $1,000 1 year from today, and$1,000 2 years from today.
1) At an interest rate of 6% per year, the winner would be better off accepting the ________ (lump sum or payments over time), since it has the greater present value.
2) At an interest rate of 9% per year, the winner would be better off accepting ________ (lump sum or payments over time), since it has the greater present value.

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