a. What is the amount of the annuity purchase required if you wish to receive a fixed payment of $240,000 for 20 years? Assume that the annuity will earn 7 percent per year. b. Calculate the annual cash flows (annuity payments) from a $2.5 millions, 20-year fixed-payment annuity earning a guaranteed return of 7 percent per year if payments are to begin at the end of the current year. c. Calculate the annual cash flows (annuity payments) from a $2.5 millions, 20-year fixed-payment annuity earning a guaranteed return of 7 percent per year if payments are to begin at the end of the year 6.