Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 15-year annuity is $750,000 and the annuity earns a guaranteed annual return of 6.85%. The payments are to begin at the end of 5 years.

In this case, the first annuity is to be received 5 years from today. The initial sum today will have to be compounded by 5 periods to estimate the annuities.

FV= $1,044,561.21

PMT=

* Need computation/formula used in Excel for answer.