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Sisi Huang received $12,000 from a lottery. She uses this money to purchase two dif- ferent annuities, each costing $6,000. The first annuity is a

Sisi Huang received $12,000 from a lottery. She uses this money to purchase two dif- ferent annuities, each costing $6,000. The first annuity is a 24-year annuity-immediate paying $K per year, and the second is an 8-year annuity-immediate paying $2K per year. Both annuities are based on an annual effective interest rate of i, where i > 0. Determine K. (Answer should be: $486.93)

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