$($Related to Checkpoint $6\mathrm{.}2)($Present value of annuity payments$)$ The state lottery's million$-$dollar

payout provides for $$1\mathrm{.}1$ million to be paid in $20$ installments of $$55,000$ per payment. The first $$55,000$

payment is made immediately, and the $19$ remaining $$55,000$ payments occur at the end of each of the

next $19$ years. If $7$ percent is the discount rate, what is the present value of this stream of cash flows? If

$14$ percent is the discount rate, what is the present value of the cash flows?