The state lottery's million dollar payout provides for 1 million to be paid over 19 years in 20 payments if 50,000. The first 50,000 payment is made immediately and the 19 remaining $50000 payments occur at the end of each of the next 19 years. If 10% is the appropriate discount rate, what is the present value of this stream of cash flow? If 20 percent is the appropriate discount rate, what is the present value of the cash flows?

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