Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. Ryan needed money for some unexpected expenses, so he borrowed $7,105.97 from a friend and agreed to repay the loan in six equal installments of $1,400 at the end of each year. The agreement is offering an implied interest rate of 5.00% Ryan's friend, Adam, has hired a financial planner for advice on retirement. Considering Adam's current expenses and expected future lifestyle changes, the financial planner has stated that once Adam crosses a threshold of $4,472,983 in savings, he will have enough money for retirement. Adam has nothing saved for his retirement yet, so he plans to start depositing $40,000 in a retirement fund at a fixed rate of 5.00% at the end of each year. It will take years for Adam to reach his retirement goal.