You borrow $11,00 from the bank at an interest rate of 6%, compounded annually. You are to make 10 equal end-of-year payment to pay off the loan. (a) What is the amount of these equal payments? (b) What is the amount of the 10 payments if the first payment is not made until 3 years after receipt of the money? Use factors or formulas, and draw the cash flow diagram.