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I am struggling to understand the questions can you guys please fully answer it and explain the procedure used to work it out.

2. (a) Find the daily rate of interest paid (to 6 dp) if a building society pays customers an AER of 2.71 % on a savings account (5 marks)
(b) How much would an amount £28,000 accumulate to if it was left in this account for 122 days? (5 marks)

3. If the market interest rate is 3.1% how much would you expect to pay for :
(a) an annuity which guarantees to pay you £12,000 annually for the next 20 years ? (5 marks)
(b) a perpetual annuity which will pay the same annual amount as in (a) ? (5 marks)
If someone has saved £ 287, 000 to buy an annuity when they retire,
(c ) what annual income could they expect if they bought an annuity that paid out for 20 years , given the above interest rate?

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