Can you please explain how to do this in excel with formulas? Can you also leave a little a note on how to do it by hand (no need to solve by hand). Thank you, i will leave a like!

You have just won the lottery and will receive $560,000 in one year. You will receive payments for 22 years, and the payments will increase 4 percent per year. If the appropriate discount rate is 11 percent, what is the present value of your winnings? Multiple Choice $25,532,201 $6,091,387