If a lucky Michigan Lottery player wins, he or she could decide to take a one-time lump sum payment of $224 million! Or, the jackpot can be paid out as an escalating annuity with 30 payments over 29 years. With a $400 million jackpot, the winner would get an initial payment of about $6 million, which would increase about 5 percent each year. The final payment would be approximately $24.8 million.
The Mega Millions jackpot was last won by a single ticket holder on Jan. 3, when the jackpot was $61 million. The lucky winner hails from Nashville, Tenn.
The next Mega Millions drawing will take place at 11:00 p.m. Tuesday. Tickets are $1 each and must be purchased by 10:45 p.m. to be eligible for that night’s drawing.