Please create an excel with formulas. Maximize dividend

2. GS develops and markets video games. GS has a major new project. The following table gives the expected free cash flows, exclusive of financing and dividends. Free Cash Flow ($M) Year 0 Year 1 Year 2 Year 3 -100 150 75 -30 Year 4 Year 5 10 50 Year O is the year before launch, and the negative $100M represents the development costs. Year 1 is the launch year. A new version will be developed in Year 3 for release in Year 4. The video game will be discontinued after Year 4. GS plans to finance the project by issuing a bond. The bond pays 7% interest in each of Years 0 to 5. GS will repay the principal and discontinue the game at the end of Year 5. Working capital in years 0 to 5 should be non-negative. GS will issue dividends Dt in Years t=1 to 5. The net present value of the project is D D2 D3 D. D. NPV = + (1+r)(1 + r)2 + (1+r)3 + (1+r)4+ (1+r)5 For discounting purposes, the interest rate, r, for GS is 10%. In addition, GS wants to maintain a minimum dividend payment of $10M for each of the years 1 to 5. GS needs to decide on the amount of the bond to issue (in $M) at the beginning of Year 0 and the dividend policy (in $M) in Years 1 to 5 to maximize NPV. Treat years as nodes and assume that all activity happens at the beginning of each year. 2. GS develops and markets video games. GS has a major new project. The following table gives the expected free cash flows, exclusive of financing and dividends. Free Cash Flow ($M) Year 0 Year 1 Year 2 Year 3 -100 150 75 -30 Year 4 Year 5 10 50 Year O is the year before launch, and the negative $100M represents the development costs. Year 1 is the launch year. A new version will be developed in Year 3 for release in Year 4. The video game will be discontinued after Year 4. GS plans to finance the project by issuing a bond. The bond pays 7% interest in each of Years 0 to 5. GS will repay the principal and discontinue the game at the end of Year 5. Working capital in years 0 to 5 should be non-negative. GS will issue dividends Dt in Years t=1 to 5. The net present value of the project is D D2 D3 D. D. NPV = + (1+r)(1 + r)2 + (1+r)3 + (1+r)4+ (1+r)5 For discounting purposes, the interest rate, r, for GS is 10%. In addition, GS wants to maintain a minimum dividend payment of $10M for each of the years 1 to 5. GS needs to decide on the amount of the bond to issue (in $M) at the beginning of Year 0 and the dividend policy (in $M) in Years 1 to 5 to maximize NPV. Treat years as nodes and assume that all activity happens at the beginning of each year