What Formulas should I use?

Lapital Investment Decisions and the lime Value of Money Choosing a lottery payout option Congratulations! You've won a state lotto! The state lottery offers you the following (after-tax) payout options: Option #1: Option #2: Option #3: $14,500,000 six years from now $2,200,000 at the end of each year for the next six years $12,500,000 four years from now Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Assuming that you can earn 6% on your funds, which option would you prefer? a. For each of the three Options, use a single Excel formula function PV. b. Make sure all answers are positive values. Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add-solution-date to end of file name 2 Upload and submit your file to be graded. a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open C. Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in My AccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Option #1: ($10,221,928) Option #2: $10,818,114 Option #3: Which option would you prefer? Option 2