Present value of annuities is also used to calculate the rate of return expected from an investment and, thus, has several practical applications. Daniel inherited an annuity worth $5,445.51 from his uncle. The annuity will pay him five equal payments of $1,400 at the end of each year. What rate of return is the annuity fund offering? 7.83% 9.00% 10.62% 12.15% Daniel's friend Jackson has hired a financial planner for advice on retirement. Considering Jackson's current expenses and expected future lifestyle changes, the financial planner has stated that once Jackson crosses a threshold of $2,784,365 in savings, he will have enough money for retirement. Jackson has nothing saved for his retirement yet, so he plans to start depositing $25,000 in a retirement fund at a fixed rate of 9.00% at the end of each year. How long will it take for Jackson to reach his retirement goal? 23.67 years 27.85 years 34.81 years 37.60 years