Powerball jackpot jumps to $900 million

Strong Powerball sales for a chance at the largest jackpot in U.S. history has again prompted an increase in the size of the prize, this time jumping from an $800 million annuity in Saturday’s drawing to $900 million, worth $558 million cash.

Extraordinary is the only word for this jackpot.  We’re on the edge of our seats and rooting for a North Carolina player to beat the odds tonight and become our state’s fifth Powerball jackpot winner.

While it takes amazing luck to beat the jackpot odds of 1 in 292 million, remember there are other big prizes that can be won. Over the course of one year, nine tickets sold in North Carolina won $1 million to $2 million prizes. And in Wednesday’s drawing, seven tickets across the state won $50,000 each. So even if a ticket doesn't match all six numbers to win the jackpot, check your numbers carefully against the winner numbers to see you won a smaller prize.

Annuity or Lump Sum? Here are three things to consider when making that big decision.

Q: How many winners choose annuity?
A: Most winners choose the lump sum. Since the lump sum became an option in November 1997, 10 winners have chosen the annuity and 236 have taken the cash. All four North Carolina Powerball jackpot winners chose the lump sum.

Q: How many payments are in the annuity?
A: 30. The payments are graduated, or increase each year. With the $900 million annuity, the first payment will be $13 million and the 30th payment will be $55 million.

Q: What happens if annuity winner dies?
A: The winner’s estate continues to get the annual payments until the full prize is paid. The winner’s estate can accept the annual payment or cash out the annuity.