a. What is the amount of the annuity purchase required if you wish to receive a fixed payment of $200,000 for 20 years? Assume that the annuity will earn 10 percent per year. b. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of the current year. c. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of five years. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g.. 32.16)) XYZ, Inc. has issued 10 million new shares of stock. An investment bank agrees to underwrite these shares on a best efforts basis. The investment bank is able to sell 8.6 million shares for $25 per share, and it charges XYZ $0.725 per share sold. a. How much money does XYZ receive? (Enter your answer in dollars, not in millions. Do not round intermediate calculations.) b. What is the profit to the investment bank? (Enter your answer in dollars, not in millions. Do not round intermediate calculations.) c. What is the stock price of XYZ? (Enter your answer in dollars, not in millions.)