Michael is 45 and is conscious that he will be retiring in a few years. He has gone to his financial advisor to assist him choose an appropriate investment for his retirement. He is given the following options: a. An annuity that pays S$150,000 at the end of each of the next 8 years b. A perpetuity that pays S$150,000 forever with the first payment due 15 years from today i. What investment should Michael choose if the annual interest rate is 7%? (10 marks) li. Does Michael's decision change if the interest rate decreases to 6%? Explain your reasoning and show your workings. (10 marks)