An annuity, paid in advance, is indexed to inflation at a rate of r% per period. What

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An annuity, paid in advance, is indexed to inflation at a rate of r% per period. What is the present value of this indexed annuity given a requirement of an effective investment rate of i% per period and a total of n payments? Demonstrate the correctness of your formula by modelling the annuity in Excel where r = 1.4 and i = 3.2 for n = 25 payments.