a) Define a level pay annuity immediate. b) Give the formula for the future value of an annuity immediate with n payments of $1 each period if the effective interest rate per period is r. Alfonso dies and leaves an inheritance of $600000 to be divided between his son and his grandson. His grandson will receive payments of $P at the start of each year for 40 years. His son will recive payments of $Q at the end of each year for 20 years. The interest rate is 2% compounded semi-annually. c) If the son's share and the grandson's share are both worth the same amount, find $P and $Q. d) If instead $Q = $2P, how much is $P and how much is each share worth? a) Define a level pay annuity immediate. b) Give the formula for the future value of an annuity immediate with n payments of $1 each period if the effective interest rate per period is r. Alfonso dies and leaves an inheritance of $600000 to be divided between his son and his grandson. His grandson will receive payments of $P at the start of each year for 40 years. His son will recive payments of $Q at the end of each year for 20 years. The interest rate is 2% compounded semi-annually. c) If the son's share and the grandson's share are both worth the same amount, find $P and $Q. d) If instead $Q = $2P, how much is $P and how much is each share worth