New Jersey Mutual has offered you a single premium annuity that will pay you $12,000 per year (end of year) for the next 15 years. If you must pay $109,296 today for this annuity, what is your expected rate of return? You are offered an investment which pays you $2000 a year for 10 years starting two years from now. If you require a rate of return of 7.5%, what is the present value of this investment