The company issues a note to a customer to borrow cash for five years, and will pay $500,000 to the customer at the end of the five-year period but not pay any interest. If the annual market interest rate is 7%, please calculate the present value of the note (compounded annually and rounded to the nearest dollar).

Based on the above answer, if the company will pay $500,000 at the end of the five-year period, and interest $30,000 at the beginning of each of the five years, please calculate the present value of the note (rounded to the nearest dollar)