What is the excel formula function for this annuity problem and what is the annuity...
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What is the excel formula function for this annuity problem and what is the annuity payment?
Required: In 2022, the California Air Resources Board (CARB) started planning its "Phase 3 " requirements for reformulated gasoline (RFG). RFG is gasoline blended to tight specifications designed to reduce pollution from motor vehicles. CARB consulted with refiners, environmentalists, and other interested parties to design these specifications. As the outline for the Phase 3 requirements emerged, refiners realized that substantial capital investments would be required to upgrade California refineries. Assume a refiner is contemplating an investment of $400 million to upgrade its California plant. The investment lasts for 25 years and does not change raw material and operating costs. The real (inflation-adjusted) cost of capital is 7%. Note: Use cells A8 to B10 from the given information to complete this question. You must use the built-in Excel function to answer this question. All answers should be displayed as positive numbers. Round your answer to 2 decimal places
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