A state lottery commission pays the winner of the Million Dollar lottery 40 installments of $25,000/year. The commission makes the first payment of $25,000 immediately and the other n = 39 payments at the end of each of the next 39 years. Determine how much money the commission should have in the bank initially to guarantee the payments, assuming that the balance on deposit with the bank earns interest at the rate of 5%/year compounded yearly. Hint: Find the present value of the annuity. (Round your answer to the nearest cent.) x Need Help? Read It Watch It Submit Answer [0/1 Points) DETAILS PREVIOUS ANSWERS TANFIN12 5.2.030. IY NOTES PRACTICE ANOTHER Lauren plans to deposit $6000 into a bank account at the beginning of next month and $150/month into the same account at the end of that month and at the end of each subsequent month for the next 4 years. If her bank pays interest at a rate of 2%/year compounded monthly, how much will Lauren have in her account at the end of 4 years? (Assume she makes no withdrawals during the 4-year period. Round your answer to the nearest cent.) $ 12,591.54 x Need Help? Read It Watch It