3. A series of cash flows consists of 6 annual payments of $5,000 each. a. Are the cash flows an annuity? What are the three characteristics of an annuity? b. Draw the timeline for the cash flows FOUR times and perform the calculation called for using the formulas and solving mathematically. Then write out the variables to input in the financial function of your calculator. The annual rate is 5.50%. ddd CF Timeline Ordinary Annuity - PVA CF Timeline Ordinary Annuity - FVA I-----I----------I-----I-----I-----I I----------I---------------I-----I PVA = FVA = n= i= PV= PMT = FV = Mode = n= i= PV= PMT = FV = Mode = 3. A series of cash flows consists of 6 annual payments of $5,000 each. a. Are the cash flows an annuity? What are the three characteristics of an annuity? b. Draw the timeline for the cash flows FOUR times and perform the calculation called for using the formulas and solving mathematically. Then write out the variables to input in the financial function of your calculator. The annual rate is 5.50%. ddd CF Timeline Ordinary Annuity - PVA CF Timeline Ordinary Annuity - FVA I-----I----------I-----I-----I-----I I----------I---------------I-----I PVA = FVA = n= i= PV= PMT = FV = Mode = n= i= PV= PMT = FV = Mode =