Solve by Excel, using rate of return analysis. - Show every step in solving the problem in Excel, if could.

.8 Water damage from a major flood in a Midwestern city resulted in damages estimated at $108 million. As a result of the claimant payouts, insurance companies raised homeowners' insurance rates by an average of $59 per year for each of the 160,000 households in the affected city. If a 20-year study period is considered, what was the rate of return on the $108 million paid by the insurance companies? 0=108,000,000+9,440,000(P/A,i,20)108,000,000=9,440,000(P/A,i,20)i=6.03%