Ms. Fields has $500,000 and she wants to invest the money towards an annuity and receive $11,000 per annum. The assumed interest rates are as follows: 2% for 5yrs, 5% for year 6, and 7% after that.

1 How many years will Ms. Fields receive the annuity (show all work)

2 Ms. Fields decides in year eleven that she will sell the balance of the annuity, calculate the value at this point (show all work)