You bought an annuity selling at $14,112.74 today that promises to make equal payments at the beginning of each year for the next twelve years (N). If the annuitys appropriate interest rate (I) remains at 11.00% during this time, then the value of the annual annuity payment (PMT) is__________..

You just won the lottery. Congratulations! The jackpot is $35,000,000, paid in twelve equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won ____________ assuming an annual interest rate of 11.00%.