If no other specification is made, assume the annuity is an ordinary annuity (with deposits payments made at the end of each compounding period). Katheryne won the state lottery grand prize of exist4 million. She can choose to take a lump sum payment or she can accept annual payments over 20 years. The lump sum payment will be calculated by the state lottery board as if it were a 20-year annuity at 8% interest compounded annually. What is the lump sum (present value) value of Katheryne's lottery winnings? (Round your answer to the nearest cent.) What will her winnings from the lottery be if she accepts the lump sum payment and the IRS takes 30% of her payment as an income tax in that year? (Round your answer to the nearest cent.)