If you were to purchase an annuity today that is projected to pay you $3400 in semi-annualpayments (BGN mode) for 18 years, and a $6200 lump sum at the end, what would youexpect to pay if you discounted all cash flows using a 6.0% APR (semi-annualcompounding)?

A. Please show your answer and Excel/calculator inputs.

B. How would your answer the above with the same cash flows (PMT and FV), but a7.00% APR and semi-annual compounding?

C. How would you mathematically (in Question A, starting with first few cash flows)interpret your answer?