(Solved): You have just won your state's big lottery, the Mega Power Pick-61 The jackpot is $250,000,000. You ...

You have just won your state's big lottery, the Mega Power Pick-61 The jackpot is $250,000,000. You have the option of receiving a check for $12,500,000 at the end of each of the next 20 years. You would receive the first check in a year. The state lottery commission also allows you the option of receiving a one-time payment of $155,777,629 when you turn in the winning ticket. What interest rate is the state lottery commission using to determine the one-time payment? (Use the present value and future value tables, a financial calculator, a spreadsheet or the formula method for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, XXXXXXX. Round the interest rate to the nearest whole percent.) (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity table.) (Click the icon to view the Future Value of an Annuity Due table) The state lottery commission is using a(n) (Click the icon to view the Present Value of an Ordinary Annuity table.) (Click the icon to view the Present Value of an Annuity Due table.) 2% interest rate annually to determine the one-time payment.