Ali purchases a retirement annuity that will pay him $1,500 at the end of every six months for the first eleven years and $500 at the end of every month for the next five years. The annuity earns interest at a rate of 3.4% compounded quarterly.

a.What was the purchase price of the annuity?

Round to the nearest cent

b.How much interest did Ali receive from the annuity?

Round to the nearest cent