Often lottery winnings are divided into equal payments given annually for 2025 years. So the present value of the winnings is worth less than the actual jackpot, depending on the rate at which money could be invested. Find the present value using the given conditions.

Part 1

JackpotAmount	InterestRate	Equal AnnualPayments	Present Value(in dollars)
$6,000,000	7%	20
$6,000,000	11%	20
$6,000,000	7%	25
$6,000,000	11%	25

(Round to the nearest cent as needed.)