John wins 15 million in a lottery. The prize is paid out annually for 20 years, so for the first ten years $ 500,000 is paid per year (first year after the prize) and for the next ten years there is 1,000,000 a year. What is the present value of the profit based on 7% annual interest? But what is the present value if the first payment comes immediately and then at the beginning of each year?