The $30.0 million lottery payment that you just won actually pays $2.0 million per year for 15 years. If the discount rate is 10.60% 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.)

Present value

$ million

13.

Suppose that you will receive annual payments of $21,650 for a period of 18 years. The first payment will be made 11 years from now. If the interest rate is 10.50%, what is the value of the annuity in year 10, what is the current value of this stream of cash flows? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Value of the Security in Year 10

$

Value of the Security today

$