Question: Ryan purchases a retirement annuity that will pay him $2,000 at the end of every six months for the first eight years and $700 at

Ryan purchases a retirement annuity that will pay him $2,000 at the end of every six months for the first eight years and $700 at the end of every month for the next four years. The annuity earns interest at a rate of 5.1% compounded quarterly.

a. What was the purchase price of the annuity?

Round to the nearest cent

b. How much interest did Ryan receive from the annuity?

Round to the nearest cent

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