for a new product, sales volume in the first year is estimated to be 80,000 units and is projected to grow at a rate of 4% per year. The selling price is $12 and will increase by $0.50 per year. Per-unit variable costs are $3, and annual fixed costs are $400,000. per-unit costs are expected to increase 5% per year. Fixed Costs are expected to increase 8% er year. Develop a spreadsheet model to calculate the net present value of profit over a 3-year period, assuming a 4% discount rate My question is what is the formula to use to calculate the PV factor at 4% in this chart? How did you get 0.962

Year	Sales volume in units	Selling price per unit	Sales value	Variable cost per unit	Total variable cost	Fixed cost	Profit	PV factor at 4%	PV of profit
1	80,000	12	960,000	3	240,000	400,000	320,000	0.962	307,840
2	83,200	12.50	1,040,000	3.15	262,080	432,000	345,920	0.925	319,976
3	86,528	13	1,124,864	3.3075	286,191	466,560	372,113	0.889	330,808
								NPV	958,624