You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $450,000 per year. Thus, in one year, you receive $1.45 million. In two years, you get $1.9 million, and so on. If the appropriate interest rate is 7 percent, what is the present value of your winnings? Utilize the NPV function to calculate the present value of multiple cash flows simultaneously. Answer must be written in Excel Formula

Step: Use the NPV function to calculate the present value of multiple cash flows simultaneously