The statelottery's million-dollar payout provides for $1.4 million to be paid in 25 installments of $56,000 per payment. The first $56,000 payment is madeimmediately, and the 24 remaining $56,000 payments occur at the end of each of the next 24 years. If 9 percent is the discountrate, what is the present value of this stream of cashflows? If 18 percent is the discountrate, what is the present value of the cashflows?

9 percent is the discountrate, the present value of the annuity due is $

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