The first annuity pays $2,400 each month over a 4 year period at a nominal rate of 11% p.a. The second annuity pays $15,000 each six-month period, again over 4 years, at a nominal rate of 12% p.a., but has an annual fee of $500, paid at the beginning of each year. Identify which of the two annuities would be a better option.