13. Joe Hernandez has inherited $25,000 and wishes to purchase an annuity that will provide him with a steady income over the next 12 years. He has heard that the local bank is currently paying 6% p.a. (compounding annually). If he were to deposit his fund, what is the equal amount would he be able to withdraw at the end of each year for 12 years? 19. Daryl wishes to save money to provide for his retirement. Beginning one month from now, he will deposit a fixed amount into a retirement savings account that will earn 12% p.a. compounded monthly for 30 years. Then, one year after making his final deposit, he will withdraw $100,000 annually for 25 years. How much should Daryl deposit for the first 30 years to meet his objective if the fund earns the interest rate of 12.68% p.a., compounded annually during the last 25 years? 20. The Happy Hang Glide Company is purchasing a building and has obtained a $190,000 mortgage loan for 20 years. The loan bears a compound interest rate of 17% p.a. and calls for equal annual installment payments at the end of each of 20 years. What is the amount of annual payment