ASK YOUR TEACHER PRACTICE ANOTHER A state lottery commission pays the winner of the Milon Dollar lottery 10 instalents of $100,000/year he commission makes the fast payment of $100,000 date and the other th end of each of the next 9 years Assume that the balance on deposit with the bank eams interest at the rate of 2%/year compounded yeady Determine the present value on dollars) of the 9 future payments (Round your sewer to the resent cent) Determine how much money on dollars) the commission should have in the bank initially to guarantee the payments. (Round your answer to the newest cent)