Historic Powerball jackpot hits $1.4 billion

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Historic Powerball jackpot hits $1.4 billion
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With no one winning the Powerball jackpot on Wednesday night, the jackpot climbs to a historic high.

The jackpot is now sitting at $1.4 billion. This is the third largest in Powerball history and the fifth largest among U.S. lottery jackpots.

But there were still some winners last night. Wednesday night produced more than 3.2 million winning tickets across the country, including seven tickets that matched all five white balls to win $1 million prizes.This is also the first time in Powerball history that back-to-back jackpot cycles have generated billion-dollar grand prizes.

The Powerball jackpot was previously won on July 19 in California with a jackpot worth $1.08 billion. If you win on Saturday night's drawing, there are two ways to take home the prize. You can receive a lump sum of $643.7 million or take the annuitized prize worth an estimated $1.4 billion, before taxes.

If you take the latter, you will receive one immediate payment followed by 29 annual payments that increase by 5% each year.Don't panic: PHEAA reassures concerned borrowers amid student loan repayment customer service issues

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