a. What is the amount of the annuity purchase required if you wish to receive a fixed payment of $300,000 for 25 years? Assume that the annuity will earn 12 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 million and the annuity earns a guaranteed annual return of 12 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 million and the annuity earns a guaranteed annual return of 12 percent. The payments are to begin at the end of six years. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

a: Present Value:

b: Annual cash flows:

c: Annual cash flows: