The statelottery's million-dollar payout provides for $1.5 million to be paid in 20 installments of $75,000 per payment. The first $75,000 payment is madeimmediately, and the 19 remaining $75,000 payments occur at the end of each of the next 19 years. If 8 percent is the discountrate, what is the present value of this stream of cashflows? If 16 percent is the discountrate, what is the present value of the cashflows?

a. If 8 percent is the discountrate, the present value of the annuity due is? (Round to the nearestcent.)