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Present value of an annuity On January 1, you win $43,500,000 in state lottery. The...

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Accounting

Present value of an annuity On January 1, you win $43,500,000 in 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 the year the current rate is 6% Determine the present value of your winnings. Round your answer to the nearest dollar

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Present value of an annuity DATA Sum of prize $43.500,000 Annual payment $7 250,000 6 Number of years 7 Interest rate 6.0% 8 Date of win January 1 9 Date of payments December 31 of each year 10 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 11 (B14) into the appropriate field in CNOWv2 for grading 12 13 Amount Formula PV of annual payments 15

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