The lucky winner of Saturday's drawing could choose between the full jackpot paid in annual installments over 29 years or a one-time cash payment of $316.3 million before taxes, according to Powerball.

The Powerball jackpot has hit $700 million after no one matched all six numbers in the Wednesday, Aug. 20 drawing.

Lottery players will have another chance to win the massive cash prize at the next lottery drawing on Saturday.