Question: I need these problems broken down and explained to me. I use a BA II PLUS Finannce calculator to solve them. Part B: Total pts

I need these problems broken down and explained to me. I use a BA II PLUS Finannce calculator to solve them.

Part B: Total pts =30. Show your calculations, or the entries in your financial calculator. 1. You just won $1,000,000 in a lottery. The winnings will be paid as an annuity of 550,000 per year starting next year for 20 years. You are given an option to receive it as a furnp sum to be paid] today. How much is the lump sum if interest rate is 8 percent per year? [10 pus] 2. You plan to have $200,000 in 10 years for education expenses. You are looking at an investment: account with interest rate of 6.0 percent per year. How much should you save esery month to reach your goal? [10 pts] Solve for 19,064.44%12=15.88.7033PMM=1,220.4% 3. You have 550,000 today. You want to deposit this money in some account in order to have $100,000 in three years? At what annual percentage rate (APR) should you irvest this thoney to achieve your goal? What is the effective annual rate (EAR) with monthly compounding? [10 pts] Enter Solve for AP=M[1+EAR)n11]EAR=25.99%3[1+EAR]311]AR=23.33%=8

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