Who Wants to Be a Millionaire?

You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%.
What is the amount you will receive today with the lump sum option?
Which option would you select? How would you present your argument for your decision in a debate?
Sorry, you didn’t win the lottery, but here’s a way you can still be a millionaire! Starting at age 22, every night you take $5 out of your pocket and put it in a manila envelope (title it “Lottery Winnings”). At the end of the year, you place the money from the envelope in a stock fund with an average interest rate of 10%.
How much will you have in the account when you retire at age 65?
What would be different if you started this plan later in your life?

Sample Solution

n this essay I will discuss the connections between leadership, motivation and teamwork theories, how they connect to practice in organisations and their limitations, offering solutions where impracticalities arise. The essay aims to draw conclusions on the suitability of Fiedler’s Contingency Theory of Leadership, Tuckman’s Model of Group Development, Belbin’s Team Theory, and Herzberg’s Two Factor Theory in practice, and how complexities like power and influence shape how they can be applied to best suit the situation a leader faces.

Leadership
Contingency based theories of leadership suggest that there is no correct or best way to lead a group, or organisation, due to the significant number of constraints on a situation (Flinsch-Rodriguez, 2019). Fiedler, in his Contingency Theory of Leadership (Fiedler, 1967), suggests that the effectiveness of a group is dependent on the leadership styles of the leader and their favourability to the situation. Much of the theory is established around the least preferred co-worker scale (LPC). The LPC aims to quantify a potential leaders approach to a task on a scale of relationship motivated to task motivated, where the leader fits on the scale allows their most favourable situation to be deduced, and thus allows the identification of suitable leaders for tasks. The favourableness of the situation depe

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