You are offered an annuity product from Challenger, which will pay the first cash flow six years from today when you graduate from uni. It is structured to be a 15 year investment that pays $950 p.a. The relevant discount rate is 9% p.a. in Years 1-5 but as the market conditions improve this will increase to 12% p.a. thereafter. What is the maximum price you would offer for this product today? $4,565,69 $6,470.32 $4,205.26 $6,281.56 None of the options