In Massachusetts, if you win the $1,000,000 lottery, you do not simply get a $1,000,000 check. You would receive $50,000 per year for the next 20 years. The state would give you $50,000 immediately and then deposit in a bank a sum of money that earns interest. For the next 19 years the state will withdraw $50,000 per year to pay you. The COMMONWEALTH plans it carefully so that there is almost nothing left in the account after the last payment. If the bank earns 12% annual interest (unheard of these days) compounded annually, how much money should the Commonwealth of Massachusetts deposit to finance the $1,000,000 payoff?What should the deposit be if the annual interest was 5%. What should the deposit be if the money in the account was compounded monthly and the payments out of the account were $4167 per month? USING EXCEL In Massachusetts, if you win the $1,000,000 lottery, you do not simply get a $1,000,000 check. You would receive $50,000 per year for the next 20 years. The state would give you $50,000 immediately and then deposit in a bank a sum of money that earns interest. For the next 19 years the state will withdraw $50,000 per year to pay you. The COMMONWEALTH plans it carefully so that there is almost nothing left in the account after the last payment. If the bank earns 12% annual interest (unheard of these days) compounded annually, how much money should the Commonwealth of Massachusetts deposit to finance the $1,000,000 payoff?What should the deposit be if the annual interest was 5%. What should the deposit be if the money in the account was compounded monthly and the payments out of the account were $4167 per month? USING EXCEL