Speaking of which, I watched the end of the last show that Simon Cowell hosts (America's Got Talent?). The janitor who could cover Steve Perry was amazing. And he won a million dollars. Or not. So as the show was wrapping up with the lights and confetti and what not, a disclaimer scrolled across the bottom of the screen so I paused and rewound to read it.
Turns out the MILLION dollars is paid out over FORTY years. Four decades. That works out to $25,000 per year. Depending on whether the annual payments start now or a year out and on what discount rate you use, the annuity at 5% is worth between $430k - $450k before taxes. But imagine how deflating it must be to win ONE MILLION DOLLARS to find out that after withholding, you get around $20k per year. Big deal.
But nobody can call them out for misrepresenting the value of the prize of $1M because the state lotteries have been getting away with that bullshit for decades.