Please the attached question.

I I I.- 4. Emerson Cammack wishes to purchase an annuity contract that will pay him $7,000 a year for the rest of his life. The Philo Life Insurance Company gures that his life expectancy is 20 years, based on its actuary tables. The company imputes a compound annual interest rate of 6 percent in its annuity contracts. a. How much will Carnmack have to pay for the annuity? b. How much would he have to pa},r if the interest rate were 8 percent