The $84.0 million lottery payment that you just won actually pays $3.0 million per year for 28 years. If the discount rate is 17.70% 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.)

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.)