(Present value of annuitypayments)The statelottery's million-dollar payout provides for $1.1 million to be paid in 20 installments of $55,000 per payment. The first $55,000 payment is madeimmediately, and the 19 remaining $55,000 payments occur at the end of each of the next 19 years. If 11 percent is the discountrate, what is the present value of this stream of cashflows? If 22 percent is the discountrate, what is the present value of the cashflows?

a.If 11 percent is the discountrate, the present value of the annuity due is $ . (Round to the nearestcent.)