Speak Out: How Would You Spend Powerball Winnings?
What would you do with $253+ million dollars?
The Powerball jackpot is currently up to $253 million.
Since no one won the Powerball jackpot Wednesday night, the jackpot continues to grow. Because so many people play powerball, jackpots tend to increase quickly.
No one from Virginia has won the big Powerball jackpot in the last decade. Revenue from the lottery goes to fund education in Virginia. Last year, Fairfax County received more than $22 million.
The next drawing is at 10:59 p.m. ET Saturday, and you can watch the drawing live on NewsChannel 8. The odds of winning, with a $2 play, are: 1 in 175,223,510
Here's where you can buy Powerball tickets in Mount Vernon:
- 7-Eleven, 8226 Russell Road
- 7-Eleven, 8629 Richmond Highway
- 7-Eleven, 8434 Frye Road
- Safeway, 8646 Richmond Highway
We want to know: What would you do if you won the Powerball jackpot? Would you take it as an annuity or cash?
The cash option value of $253 million would be $121,055,000 in one lump sum in Virginia after taxes, according to a calculator on the www.usamega.com website.
A schedule of annuity payments (30 annual payments) for a Virginia winner shows that person would receive from $3.2 million per year up to $9.9 million per year for a total of $179,630,00 over 30 years. Powerball payments are made on an annually increasing rate schedule.
Taxes: Virginia would receive 4 percent and the federal government 25 percent.
How would you spend it? Take our poll and tell us in the comments section below.
If you miss the drawing Saturday, you can check your numbers here.