Timothy purchases a retirement annuity that will pay him $1,500 at the end of every six months for the first eight years and $100 at the end of every month for the next six years. The annuity earns interest at a rate of 5.6% compounded quarterly.

a.What was the purchase price of the annuity? Round to the nearest cent

b.How much interest did Timothy receive from the annuity? Round to the nearest cent