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What is the present value if first payment comes immediately

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The $25.5 million lottery payment that you have just won actually pays $1.7 million per year for 15 years. The interest rate is 9%.

Problem a. If the first payment comes in 1 year, what is the present value of the winnings? (Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places.)

Problem b. What is the present value if the first payment comes immediately? (Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places.)

Reference no: EM132908799

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