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Funding vili Moran's Retirement Annuity Sunnise Industries wishes to accumulate funds to provide a retirement annuity for its vice president of research, Jal Moran. Ms. Moran. by contract, will retire at the end of exactly 12 years. Upon retirement, she is entitled to receive an annual end-of-year payment of 542,000 for exactly 20 years. If she dies prior to the end of the 20-year period, the annual payments will pass to her heirs. During the 12-year "accumulation period, " Sunrise wishes to fund the annuity by making equal, annual, end-of-year deposits into an account earning 9.0% interest. Once the 20 -year "distribution period" begins, Sunrise plans to move the accumulated monies into an account eaming a guaranteed 12.0% per year. At the end of the distribution period, the account balance will equal zero. Note that the first deposit will be made at the end of year 1 and that the first distribution payment will be received at the end of year 13 . To Do a. Draw a time line depicting all of the cash flows associated with Sunvise's view of the refirement annuity. b. How large a sum must Sunrise accumulate by the end of year 12 to provide the 20-year, $42,000 annuity? c. How largo must Sunrise's equal, annual, end-of-year deposits into the account be over the 12 -year accumulation period to fund fully Ms. Moran's retirement annuity? d. How much would Sunrise have to deposit annually during the accumulation period if it could earn 10.0% rather than 9.0% duting the accurnulation period? e. How much would Sunrise have to deposit annually during the accumulation period if Ms. Moran's retirement annuity were a perpetuity and all other terms were the same as initially described? a. Draw a time line depicting all of the cash flows associated with Sunvise's viow of the retirement annuity The correct time line depicting the cash flows associated with Sunrise's view of the retirement annuity is (Select from the drop-down mena:) Cash inflow: Accumulation Period Cash outfiow: Distribution Period 12 end-of-year deposits: 20 end-of year payments of $42,000. earns interest at 9.0% balance earns interest at 12.0%