The statelottery's million-dollar payout provides for $1.2 million to be paid in 25 installments of $48,000 per payment. The first $48,000 payment is made immediately, and the 24 remaining $48,000 payments occur at the end of each of the next 24 years. If 6 percent is the discountrate, what is the present value of this stream of cashflows? If 12 percent is the discountrate, what is the present value of the cashflows?

a.If 6 percent is the discountrate, the present value of the annuity due is $___. (Round to the nearestcent.)