Use Excel and the text to calculate the present value of a series of cash flows if you put $3,500 into a fund at the end of the year for 10 years at 6%, but you wont start depositing money for 10 years, i.e., will defer your annuity for 10 years? Be prepared to describe how you calculated your answer. Use the two step approach that subtracts values in your Excel work because calculating factors is more difficult in Excel