A lottery offers two options for the prize. (7 marks) Option A: $1000 a week for life.

Option B: $1 000 000 in one lump sum.

If you choose Option B, you have the opportunity to place the winnings into an investment that also makes regular payments, at a rate of 3%/a, compounded weekly. The annuity will pay out a specific amount weekly based on how long you want the annuity to last.

Which option would the winner choose if you expect to live for another:

20 years?

50 years?

Use technology to determine the range of life expectancies when each option is preferred. Show your work.

Write a brief reflection about which option you would choose, and why.