A state lottery commission pays the winner of the Million Dollar lottery25installments of$40,000/year. The commission makes the first payment of$40,000immediately and the othern=24payments at the end of each of the next24years.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 of4%/year compounded yearly.Hint:Find the present value of the annuity. (Round your answer to the nearest cent.)