Question: please find the right answer. spreadsheet given if needed Present value of an annuity On January 1, you win $46,000,000 in the state lottery. The

please find the right answer. spreadsheet given if needed
please find the right answer. spreadsheet given if needed Present value of
an annuity On January 1, you win $46,000,000 in the state lottery.

Present value of an annuity On January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 5.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Determine the present value of your winnings. Round your answer to the nearest dollar. 36,423,950 X Feedback T Check My Work Review the time value of money concept. Recall that the time value of money concept recognizes that cash received today is worth more than the same amount of cash to be received in the future. 1 2345 H2311 A Present value of an annuity 6 7 Interest rate Date of win 8 9 10 NETE6789 Sum of prize Annual payment Number of years 15 16 17 18 19 Date of payments DATA 14 PV of annual payments B $46,000,000 $5,750,000 Using formulas and cell references, perform the required analysis, and input your answer into the Amount column. Transfer the numeric result for the green entry 11 cell (B14) into the appropriate field in CNOWV2 for grading. 8 5.5% January 1 December 31 of each year Amount U Formula D

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