2. Suppose you want an ordinary annuity with present value $10000 and payments every six months for three years. The annual interest rate is 2% compounded every six months. (a) If the payments start at the end of the month, what is the value of each payment?

(b) How long would you need to defer the payments by if you want payments of $2000 per month? Round the number of periods deferred to the next highest whole number and then compute the exact time in years.