a.

If you purchased 20 year annuity for $12,066 and expected monthly income based on an interest rate of 9%, what would you expect the monthly payment amount to be? Your answer should be expressed in decimal form extended to two places to the right of the decimal point

b. If you realized your investment account with semi-annual compounding periods (2 per year) had provided you with an effective annual rate of 7.2% over the last 26 years, what would you say its annual percentage rate would be? Your answer should be expressed as a percentage rounded to the 2^nd place to the right of the decimal point