The state lottery's million dollar payout provides $1.2 million to be paid in 20 installments of $60,000 per payment. The first $60,000 payment is made immediately, and the 19 remaining $60,000 payments occur at the end of the next 19 years. If 8% is the discount rate, what is the present value of this stream of cash flows? If 16% is the discount rate, what is the present value of the cash flows?