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Powerball jackpot soars to $700M

Powerball jackpot soars to $700M
Posted at 1:10 PM, Aug 22, 2017
and last updated 2017-08-22 10:16:02-04

(RNN) - There was no winner last Saturday, so the Powerball jackpot is now at $700 million, the second-highest in history. The next drawing is Wednesday, Aug. 23.

This massive prize is still less than half the all-time biggest jackpot, the incredible $1.6 billion Powerball that was split among three winners in January 2016. 

Here's a little financial planning help in case you beat the 1-in-292,201,338 odds: If you take the lump sum payment of $443.3 million, after the up-front tax hit you'd walk away with about $110.8 million, according to lottery site USAMega.com.

If you take the annuity, which gives you 30 payments over 29 years, your take-home pay would be somewhere between about $15.5 million and $16.4 million a year, give or take a few hundred grand, depending which state you live in.

What would you do with that kind of money? About 86 percent of respondents to a CNBC poll said they would invest or save it; 33 percent said they'd donate to charity; 28 percent would go on a trip; 26 percent would buy a new home; 8 percent would buy a car.

We'd settle for a truck that doesn't burn oil.

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