Problem 5-3 Many academic institutions offer a sabbatical policy. Every seven years a professor is given a year free of teaching and other administrative responsibilities at full pay. For a professor earning $70,000 per year who works for a total of 42 years, what is the present value of the amount she will earn while on sabbatical if the annual interest rate is 6% (EAR)? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. $70,000 6.00% Salary Interest rate Years between sabbaticals Years of employment 42 Number of sabbaticals 7-year period interest rate Value today Requirements 1. Start Excel - completed. 2. In cell C11, by using cell references, calculate the number of sabbaticals the professor has taken (1 pt.). 3. Before calculating the value today, you need to find the seven-year-period interest rate you will use to discount each amount earned during sabbatical years. In cell C12, by using cell references, calculate the seven-year-period interest rate (1 pt.). 4. In cell C13, by using cell references and the function PV, calculate the present value of the salaries during sabbatical years (1 pt.). Note: The output of the expression or function you typed in this cell is expected as a positive number. 5. Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed