(Related to Checkpoint 6.2)(Present value of annuity payments)The state lottery's million-dollar payout provides for

$1.21.2

million to be paid in

2020

installments of

$60 comma 00060,000

per payment. The first

$60 comma 00060,000

payment is made immediately, and the

1919

remaining

$60 comma 00060,000

payments occur at the end of each of the next

1919

years. If

77

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

1414

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

a.If

77

percent is the discount rate, the present value of the annuity due is

$nothing.

(Round to the nearest cent.)