Mark and his partners have contracted to purchase the franchise rights worth 123 000 to open and operate a specialty pizza restaurant called Pepperoni s With a renewable agreement the partners have agreed to make payments at the beginning of every six months for five years To accommodate the renovation period Pepperoni s corporate office has agreed to allow the payments to start in one year with interest at 14 36 compounded annually a What is the future value of the franchise after the deferral period b What is the size of the payment required