a. What is the amount of the annuity purchase required if you wish to receive a fixed payment of $290,000 for 25 years? Assume that the annuity will earn 11 percent per year. b. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 25-year annuity is $1.9 million and the annuity earns a guaranteed annual return of 11 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 25-year annuity is $1.9 million and the annuity earns a guaranteed annual return of 11 percent. The payments are to begin at the end of seven years.