Please review Sections 4.1-4.4. Imagine if you won the jackpot! What are your chances to do so? What numbers would you pick? Would you take the annual installments or a reduced lump sum if you won?
Do you have numbers in mind? If so, jot them down (unless you want to keep them to yourself! If they are birthdays or numbers you use, you do not have to post, just describe). Have those numbers won before?
Even if you do not play, please imagine you do and answer all the prompt questions.
Then answer your classmates’ posts and comment on their description.
Please remember to use APA formatting if you use help from the textbook or a website. Try to use your own words!
Respond to two peer
s.According to Professor Steven Diaz, “a mathematics professor at Syracuse University’s College of Arts & Science” (Diaz, 2022) in a July 2022 interview, the odds of winning the current Mega Millions jackpot (which is currently set at $1 billion) is “one out of 302,575,350” (Diaz, 2022). Professor Diaz also states that no matter if you have a computer generate your numbers or you choose the numbers yourself, all the numbers chosen have an equal probability of winning (Diaz, 2022).
Based on Professor Diaz’s statement, the choice of numbers is seemingly irrelevant, as they are chosen at random. So for a person to choose numbers personally doesn’t give them any more of an upper hand then if a computer generated numbers for them. Therefore, personally, I would lean towards choosing my own numbers due to favoritism and belief in luck, fully knowing that there is no more chance of me winning more than someone who went to a convenience store and had the Lotto machine print out their numbers for them. Typically, I would choose some of my favorite numbers along with my anniversary, my daughter’s birthday, and my birthday.
If I were to win the lottery, I would take annual installments, or annuity payouts, versus a lump-sum payout. When receiving a lump-sum payout, federal taxes reduce that payout from the original total to almost half. With annuity payouts, taxes are only taken out at designated payout periods over several years. The winnings also collect interest over time, thus, despite being taxed, can come the closest to the original winnings amount (Silvestrini, 2022). This payment method also reduces the temptation to overspend, and as I am someone who knows nothing about large sum investments, this option would give myself and my family a longer lasting source of income that could be invested if saved on our own accord.
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