Present value of an annuity On January 1, you win $43,500,000 in the state lottery. The $43,500,000 prize will be paid in equal installments of $7,250,000 over six 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%. 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. Open spreadsheet Present value of an annuity DATA Sum of prize $43,500,000 Annual payment $7,250,000 Number of years 6 Interest rate 5.0% Date of win January 1 Date of payments December 31 of each year 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 cell (B14) into the appropriate field in CNOWv2 for grading. Amount Formula PV of annual payments

Present value of an annuity On January 1, you win $43,500,000 in the state lottery. The $43,500,000 prize will be paid in equal installments of $7,250,000 over six 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%. 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. Open spreadsheet Present value of an annuity DATA Sum of prize $43,500,000 Annual payment $7,250,000 Number of years 6 Interest rate 5.0% Date of win January 1 Date of payments December 31 of each year 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 cell (B14) into the appropriate field in CNOWv2 for grading. Amount Formula PV of annual payments

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 7E

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Present value of an annuity

DATA
Sum of prize	$43,500,000
Annual payment	$7,250,000
Number of years	6
Interest rate	5.0%
Date of win	January 1
Date of payments	December 31 of each year

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 cell (B14) into the appropriate field in CNOWv2 for grading.

	Amount	Formula
PV of annual payments