Question

 ​(Present value of annuity​ payments)  The state​ lottery's million-dollar payout provides for ​$1.4 million to be paid in 25 installments of ​$56 comma 000 per payment. The first ​$56 comma 000 payment is made​ immediately, and the 24 remaining ​$56 comma 000 payments occur at the end of each of the next 24 years. If 11 percent is the discount​ rate, what is the present value of this stream of cash​ flows? If 22 percent is the discount​ rate, what is the present value of the cash​ flows?  If 11 percent is the discount​ rate, the present value of the annuity due is ​$ nothing. ​(Round to the nearest​ cent.)

Answer 1

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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.