. How much must you deposit today in order to buy a fixed term
annuity that pays $12,000 at the end of each year for 10 years,
when the interest rate is 6% per year? (4 marks) b. How much must
you deposit today in order to buy a fixed income stream that pays
$1,000 at the end of each month for 10 years, when the interest
rate is 6% per year? (4 marks) c. You are planning to embark 48
months from now on an expedition that will cost $60,000. To cover
the costs, you will save a fixed amount $a each month in a bank
account that offers 6% yearly interest. How much must you save each
month? (6 marks) d. A competing bank offers you 8% interest per
year. If the monthly payment remains $a, how many months does it
take to save $60,000 at the new interest rate? (