By Meena
The Powerball jackpot skyrockets to a whopping $875 million, making it the third-largest in its history.
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Get ready! The next exciting drawing takes place on Saturday. No winning ticket since April means the jackpot continues to climb.
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The lucky winner can opt for $875 million paid over 29 years or a lump sum of $441.9 million.
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Post mandatory 24% federal tax, the lump sum reduces to $335.8 million. Federal rates could bring it down to $278.3 million.
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Beware, winners! Some states charge taxes on lottery winnings. Rates range from 2.5% in Arizona to 10.9% in New York.
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Saturday's jackpot is the 3rd largest in Powerball history, after the $2 billion won in November and $1.6 billion in 2016.
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Last Wednesday saw winners too! Two tickets won $1 million, 26 won $50,000, and 10 won $150,000.
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The jackpot is the seventh-largest ever, and of the 10 largest jackpots, six were won in the last two years.
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1.8 million winning tickets were sold last Wednesday, bagging a combined $16.5 million.
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On a side note, the Mega Millions jackpot stands at $560 million, or a $281.1 million lump sum before taxes.
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