Please submit your answer with your necessary modelling as a single Microsoft Excel spreadsheet

Question 3: The record label has decided to offer fans a subscription service for all new releases instead of a single purchase per release. Each subscriber pays 12 a month for the subscription, which is paid at the start of each month. To assess the worth of this service we need to put a value on each subscriber. Work out the Net Present Value for a single subscriber over two years assuming a discount rate of 0.15. Assume their first payment came to you on the 1st of January this year.