7. (A) Mr. X won a lottery, and he was given two payment scheme: Scheme A, where he had choice of receiving $4.3 million now or Scheme B, where he received a monthly payment of $37,000 for the next 36 month. For his investment, Mr. X demanded at least 13% per annum (after tax). What is the present value of his money using scheme A?

(B). Following previous question: What is the present value of his money using scheme B? Hint: the return rate is compounded monthly (Notes: Use 3 digits after decimal point)