As many of us have heard, the latest Powerball jackpot has now grown to be over $1.6 billion dollars, which makes it the largest lottery prize in world history. Of course, the $1.6 billion jackpot would be paid out over 30 years, not immediately, but it’s still an staggering amount of money.
If the winner chooses to take it in all cash up front, the payout would be $782 million dollars. But then you do also have a monstrous federal tax deduction, which is about $290 million dollars, leaving you with approximately $490 million dollars in the end.
Just to let you know, in case you’re hoping to hit it big, the odds of winning the Powerball jackpot are over 292 million to 1. To put that number in perspective, your chance of getting hit by lightning in your lifetime is only about 15,000 to 1.
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