12. Cheng Inc. is considering a capital budgeting project that has an expected return of 19% and a standard deviation of 30%. What is the project's coefficient of variation? Do not round your intermediate calculations. Round the final answer to 2 decimal places.

1.86

1.29

1.82

1.83

1.58

13. Your father is about to retire, and he wants to buy an annuity that will provide him with $95,000 of income a year for 30 years, with the first payment coming today. The going rate on such annuities is 5%; how much would it cost him to buy the annuity today? If the going rate increase to 5.5%; how much would it cost him to by the annuity today?

$1.460 million; $1.381 million

$1.533 million; $1.457 million

$1.202 million; $1.123 million

$1.437 million; $1.369 million

$1.362 million; $1.291 million