Economics Homework Help

I’m working on a Economics question and need guidance to help me study.

1. Recently, you won the university lottery. The lottery winnings are reported to be $90 million. You were asked to choose between getting $3 million annually or $45 million today.

a. Briefly discuss why the annual payments of $ 3 million dollars is not equivalent to the lump sum amount of $45 million today. Additionally, discuss which of the options you would choose and why.