3) The Fantasy Island Resort & Spa prison is looking for a way to cut its monthly costs. The Concierge would like to pay a judge to guarantee that prisoners in poor health win their appeals and get set free. The company believes it can realize the monthly cost savings to the right over the initial year of the plan.  What is the present value of the first year's monthly cost savings?  Assume a discount rate of 8%. (round to nearest whole $)  Students must do their own work, with no help/solutions provided by others.   Month Savings ($) 1 3,000 2 4,500 3 5,500 4 7,500 5 9,000 6 9,700 7 9,400 8 9,800 9 5,800 10 4,000 11 2,900 12 3,300 Total 74,400 I NEED THE EXCEL FORMULA, PLEASE. The answer is $46,840.