Present value of an annuity On January 1, you win $40,250,000 in the state lottery. The $40,250,000 prize will be paid in equal installments of $5,750,000 over seven years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 6%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Determine the present value of your winnings. Round your answer to the nearest dollar. $A B C 1 Present value of an annuity W N DATA 4 Sum of prize $40,250,000 5 Annual payment $5,750,000 6 Number of years 7 7 Interest rate 6.0% 8 Date of win January 1 9 Date of payments December 31 of each year 10 Using formulas and cell references, perform the required analysis, and input your answer into the Amount column. Transfer the numeric result for the green entry cell 11 (B14) into the appropriate field in CNOWv2 for grading. 12 13 Amount Formula 14 PV of annual payments 15 16