6) Calculate the present value of a $1,000 five-year ordinary annuity discounted at 10% and the present value of a $1,000 five-year annuity due discounted at 10%. Which annuity will be the greater value in five years; ordinary annuity or annuity due?

7) A series of equal periodic finite cash flows that occur at the beginning of the period are known as a/an ________.

8) Calculate the present value of a $100 three-year annuity due discounted at a rate of 10% (assume first cash flow is today).