Henderson is establishing a fund to pay off a $200,000 loan when it matures on this date in 12 years via 12 annual payments. The funds will earn 7 percent per year. What is the size of yearly payment if the payment will be made at the beginning of the year? Beginning in one year, an investment will provide $15,000 annually for the next twenty years. In addition, the investment will provide a bonus of $20,000 in year twelve and year fifteen. If your required return is six percent, find the maximum you will pay for this investment