d)Assume that James was a graduate from Business School and he learnt that hedge fund managers always outperform the market. Therefore, he decides to use the amount of the net sale proceeds following his father's death to purchase an annuity from the Queensland Investment Fund after paying the fund a fee of $10,000 for their professional services.Calculate the amount that James will receive from the annuitygiven that the annuity from the Queensland Investment Fund had the following features:

The amount of net sale is : $ 2,816,630.38

1. - Monthly payments at the end of each month.
2. - Total term of 8 years
3. - Residual value of annuity (at end of the total term) equal to 50% of the purchase price - Nominal rate of return provided by annuity of 8% p.a. compounded monthly.

e)As a business school graduate, James also understands that the net present value is the most important measure for investment appraisal.Using all the information provided above,if James wanted to know what the amount of the residual value of the annuity would have been worth as a present value at the end of 2010 assuming a nominal discount rate of 8% p.a., what would this amount have been?