d) Naiomi is thinking about investing in two different financial products. The first instrument will pay nothing for three years, but then it will pay $25,000 per year for four years. The second product will pay $25,000 for three years and $35,000 in the fourth year. All payments are made at year-end. If your required rate of return on these investments is 7.5 percent annually, what should you be willing to pay for i. The first instrument (3 marks) ii. The second instrument (use the formula for a four-year annuity). (4 marks)