PP3.5 Deferred Annuities Exp. After 5 years of development, a new material will save $750K/yr for the following 15 years, I = 10%; Find PW? P = A (P/A, 1, N-D) (P/F, 1, D) Show alternate Eq. gets same result P = A (P/A,1,M) - A. (P/A, 1, D) P= For problem 3.5, N = 20 years (life of annual savings plus development time = total project life cycle), and D = 5 years (development time only) Generate a cash flow table for this problem in Excel for the total 20-year life cycle. Solve for present value of total life cycle two ways: first follow and duplicate both interest factor methods shown above with the interest table below, then by setting up the theoretical algebraic formula for the interest factor used to solve the problem, then solve by using present value function NPV in Excel with the cash flow table you developed