14. Implied interest rate and period Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. James needed money for some unexpected expenses, so he borrowed $5,046.69 from a friend and agreed to repay the loan in five equal installments of $1,400 at the end of each year. The agreement is offering an implied interest rate of 12.00% James's friend, Brandon, has hired a financial planner for advice on retirement. Considering Brandon's current expenses and expected future lifestyle changes, the financial planner has stated that once Brandon crosses a threshold of $19,388,019 in savings, he will have enough money for retirement. Brandon has nothing saved for his retirement yet, so he plans to start depositing $55,000 in a retirement fund at a fixed rate of 12.00% at the end of each year. It will take years for Brandon to reach his retirement goal. 11. Calculate annuity cash flows Your goal is to have $12,500 in your bank account by the end of 12 years. If the interest rate remains constant at 7% and you want to make annual identical deposits, how much will you need to deposit in your account at the end of each year to reach your goal? (Note: Round your answer for PMT to two decimal places.) $698.77 $489.14 $768.65 $559.02 If your deposits were made at the beginning of each year rather than an at the end, by how much would the amount of your deposit change if you still wanted to reach your goal by the end of 12 years? (Note: Round your answer for PMT to two decimal places.) $34.28 $45.71 $43.42 O $57.14