Lottery Winnings

The $$45\mathrm{.}9$ million lottery payment that you just won actually pays $$1\mathrm{.}7$ million per year for

$27$ years. If the discount rate is $21\mathrm{.}20\%$ and the first payment comes in $1$ year.

a$.$ What is the present value of the winnings? $($Do not round intermediate calculations.

Enter your answer in millions rounded to $2$ decimal places.$)$

Present value

$|$million

b$.$ What is the present value of the winnings, if the first payment comes immediately? $($Do

not round intermediate calculations. Enter your answer in millions rounded to $2$

decimal places.$)$