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New Library Definition

Topic closed. 8 replies. Last post 14 years ago by CASH Only.

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Vote YES to add the definition as written

Yes [ 3 ]  [42.86%]
No [ 4 ]  [57.14%]
Total Valid Votes [ 7 ]  
Discarded Votes [ 5 ]  

United States
Member #379
June 5, 2002
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Posted: April 3, 2003, 3:11 pm - IP Logged

CASH OPTION: Offered in many games where the top    prize(s) is/are otherwise paid through an annuity. The choice is either exercised when you buy the ticket or after you win, depending on the rules of the game.


    United States
    Member #379
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    Posted: April 3, 2003, 3:36 pm - IP Logged

    I meant to add "Cash Option" as the subject. Please forgive me since this is the first potential definition.

      Todd's avatar - Cylon 2.gif
      Chief Bottle Washer
      New Jersey
      United States
      Member #1
      May 31, 2000
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      Posted: April 3, 2003, 6:15 pm - IP Logged

      I'd love to add some more information to the definition explaining why the cash option is usually somewhere around half of the advertised annuity amount.  (I didn't vote yet.)  Do you want to take a crack at it?

       

      Check the State Lottery Report Card
      What grade did your lottery earn?

       

      Sign the Petition for True Lottery Drawings
      Help eliminate computerized drawings!


        United States
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        Posted: April 3, 2003, 8:32 pm - IP Logged
        Todd: I didn't want to be too "wordy"

        The cash value of an annuity prize depends on interest rates, the length of (usually 20-30 years), and the type of, the annuity (usually the cash value is 50-60% of the annuity). Annuity prizes include future interest, which is why the cash option amount is always "less" than the advertised annuity amount. Lottery winners, when given the choice of cash or annuity, are much more likely to take the lump sum over the yearly payments.

        Todd: I would think you would edit, if need be, "winning" definitions.

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
          Member #1
          May 31, 2000
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          Posted: April 6, 2003, 10:36 am - IP Logged

          Cash,

          I think we need to update the definition: this one's not getting any responses.  I'll try to put together an "unbiased" definition.

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
          Help eliminate computerized drawings!


            United States
            Member #1047
            January 17, 2003
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            Posted: April 9, 2003, 8:25 am - IP Logged

            Casho,

            Looks like you have NO idea what cash option means by the votes you're getting.  The one yes vote you received is obviously by you.  Give it up!  Stick to Annuity!  It works everytime.

            Don't blow all your winnings in one place - Choose Annuity


              United States
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              Posted: April 9, 2003, 8:46 am - IP Logged
              AnnuityIsToppled:

              Todd re-did my definition.


                United States
                Member #1047
                January 17, 2003
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                Posted: April 9, 2003, 10:21 am - IP Logged

                Todd REDID your definition?  More like... he defined the definition since you apparently have no clue what Cash Option means.

                Don't blow all your winnings in one place - Choose Annuity


                  United States
                  Member #379
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                  Posted: May 4, 2003, 9:47 am - IP Logged
                  AIG:

                  Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

                  (cutting down on the Zs this time)