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1.our client plans to purchase an annuity from TD Bank that will pay him $2,100 at the end of each year, for 10 years. The

1.our client plans to purchase an annuity from TD Bank that will pay him $2,100 at the end of each year, for 10 years. The rate of return on the investment is 7.5% compounded annually for the first 6 years, and 6.5% compounded annually for the remaining 4 years. What is the purchase price of this annuity today? A timeline drawing is required and worth 1 mark. (7 marks)

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