John is 63 years old and recently retired. He wishes to provide retirement income for himself and is considering an annuity contract with the Philo Life Insurance Company. Such a contract pays him an equal-dollar amount each years that he lives. For this cash-flow stream, he must put up a specific amount of money at the beginning. According to actuary tables, his life expectancy is 15 years, and that is the duration on which the insurance company bases its calculations regardless of how long he actually lives. If Philo Life Insurance Company uses a compound interest rate of 10 percent in its calculations, how much must John pay at the outset for an annuity to provide him with $20,000 per year? ((PVIFA10%,15)=7.606 rounded down to integral number) At end of three years, how much is an initial deposit of $100 worth, assuming a compound annual rate of 20 percent? (FVIF20%,3)=1.728, keep one after decimal point)