a. Explain the differences and similarities between life insurance and annuity. 7 marks b. Mr. Risotto, a 65-year old policyholder, decides to convert the cash value of his life insurance policy into an annuity. Suppose that the cash value of his life insurance policy is $2,000,000. The annual interest rates are guaranteed at 7%. i. Calculate the annual payment that Mr. Risotto will receive in each of the following 15-years if he wants to convert his $2,000,000 cash value to an annuity that will last for 15-years. ii. What will be the annual payments in each of the following 20-years if Mr. Risotto wants to convert his $2,000,000 cash value to an annuity that will last for 20-years? iii. How much less per year will Mr. Risotto receive if he chooses the 20- year annuity in comparison with the 15-year annuity? Show all your calculations 8 marks