John Quincy wants to withdraw $38,600 each year for 12 years from a fund that earns 9% interest. How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

First withdrawal at year-end		?
First withdrawal immediately ?