​(Present value of annuity​ payments)  The state​ lottery’s million-dollar payout provides for ​$1 million to be…

 ​(Present value of annuity​ payments)  The state​ lottery’s
million-dollar payout provides for ​$1 million to be paid in 25
installments of ​$40000 per payment. The first ​$40000 payment is
made​ immediately, and the 24 remaining ​$40000 payments occur at
the end of each of the next 24 years. If 6 percent is the discount​
rate, what is the present value of this stream of cash​ flows? If
12 percent is the discount​ rate, what is the present value of the
cash​ flows?