On January $1,$ you win $$54,000,000$ in the state lottery. The $$54,000,000$ prize will be paid in equal installments of $$6,750,000$ over $8$ years. The payments will be made on December $31$ of each year, beginning on December $31$ of this year. If the current interest rate is $6\%.$ DATA

Sum of prize $$54,000,000$

Annual payment $$6,750,000$

Number of years $8$

Interest rate $6\mathrm{.}0\%$

Date of win January $1$

Date of payments December $31$ of each year Determine the present value of your winnings.

Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells show in the orange cells. Transfer amounts to CNOWv$2$ for grading.

Amount Formula

PV of annual payments