11. What is the present value of an annuity of $10,000 received at the end of each year for 10 years, with a return of 8% annually? 12. What is the present value of an annuity of $20,000 received every 6 months for 15 years, with a return of 12% compounded semiannually? 13. What is the present value of an annuity of $5,000 receive every thress months for 10 years, with a return of 9% compounded quarterly? 14. What is the present value of an annuity of $1,000 received monthly for 20 years, with a return of 7% compounded monthly? 15. Owen won the lottery and will receive $2,000,000 at the end of each year for the next 20 years. Assuming a return rate of 6%, what lump sum could Owen receive today instead?