In most states, the winnings of million-dollar lottery jackpots are divided into equal payments given annually for 20 years. (In Colorado, the results are distributed over 25 years.) This means that the present value of the jackpot is worth less than the stated prize, with the actual value determined by the interest rate at which the money could be invested.

(a) Find the present value of a $1 million lottery jackpot distributed in equal annual payments over 20 years, using an interest rate of 5%.
(b) Find the present value of a $1 million lottery jackpot distributed in equal annual payments over 20 years, using an interest rate of 9%.
(c) Calculate the answer for part (a) using the 25-year distribution time in Colorado.
(d) Calculate the answer for part (b) using the 25-year distribution time in Colorado.