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How does the NY State Lottery calculate the lump sum cash amount for winning the Mega Millions top prize?
H2obuffalo
The value shown for the lotto represents what you will earn in 20 years. The lump sum is the present value of that future sum. to make it simple, suppose the jackpot is $1000. If you were to opt for payments instead of lump sum, you would get a certain amount of money every year for twenty years that would add up to 1000 dollars. so if the jackpot is 300 million dollars you would need a financial calculator to figure out what the interest is, the amount of periods (if it is 20 years it is 240 periods). after you figure out the present value, taxes which is 50% of that to calculate the lump sum.
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