Question: Are my answers correct? Help Save & Problem 5-38 Annuity Due (LO3) The $70.0 million lottery payment that you have just won actually pays $2.8

Are my answers correct?

Help Save & Problem 5-38 Annuity Due (LO3) The $70.0 million lottery payment that you have just won actually pays $2.8 million per year for 25 years. The interest rate is 10%. 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.) Present value $ 2,545,454.55 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.) Present value $ 2,800,000.00

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