Present value)

The state lottery's million-dollar payout provides for

$22

million(s) to be paid over 24years in

25

payments of

$ 80 comma 000$80,000.

The first

$ 80 comma 000$80,000

payment is made immediately, and the

24

remaining

$ 80 comma 000$80,000

payments occur at the end of each of the next

24

years. If

9

percent is the appropriate discount rate, what is the present value of this stream of cash flows?

1818

percent is the appropriate discount rate, what is the present value of the cash flows?

a. If

99

percent is the appropriate discount rate, what is the present value of this stream of cash flows?