a. What is the amount of the annuity purchase required if you wish to receive a fixed payment of S220,000 for 15 years? Assume that the annuity will earn 10 percent per year. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Present value $ 1673337.4 b. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 15-year annuity is $1.3 million and the annuity earns a guaranteed annual return of 10 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 170915.91 c. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 15-year annuity is $1.3 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of seven years. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g.. 32.16)) Annual cash flows References eBook & Resources Worksheet Difficulty: Medium