a. You will receive an annuity payment of $1,200 at the end of each year for 6 years. What will be the total value of this stream of income invested at 7% by the time you receive the last payment?

b. How many years of investing $1,200 annually at 9% will it take to reach the goal of $12,000?

c. If you plan to invest $1,200 annually for 9 years, what rate of return is needed to reach your goal of $15,000?