a. What is the amount of the annuity purchase required if you wish to receive a fixed payment of $250,000 for 20 years? Assume that the annuity will earn 12 percent per year. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Present value b. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.5 million and the annuity earns a guaranteed annual return of 12 percent. The payments are to begin at the end of the current year. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16) Annual cash flows c. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1.5 mllion and the annuity earns a guaranteed annual return of 12 percent. The payments are to begin at the end of five years. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Annual cash flows