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(Present value) The state lottory's million-dollar payout provides for $3 milion(s) to bo paid over 24 years in 25 payments of $120,000. The first $120,000 payment is made immediatoly, and the 24 remaining $120,000 payments occur at the end of each of the next 24 years. If 8 percent is the appropriate discount rate, what is the present value of this stream of cash flows? If 16 percent is the appropiate discount rate, what is the present value of the cash flows? a. If 8 percont is the approptiate discount rate, What is the present value of this stream of cash Eows? (Round to the neatest cent.)