Melisandre has an annuity paying $210.00 at the start of each month for 11 years. The intererst rate is i⁽¹⁾=7.225%.

a) What is the effective interest rate per payment period?

b) What is the present value of her annuity?

c) Melisandre chooses to receive annual payments instead (at the start of each year). The nominal interest rate i⁽¹⁾ and the present value of her annuity stay the same. What is the amount of her annual payments?