A Question on Language for Annuities. See Practice Problems with Calculator Tutorial and/or See Text. An annuity with payments occurring at the end of each time period is called whereas an annuity with payments occurring at the beginning of each time period is called ordinary annuity: early annuity ordinary annuity; annuity due annuity due; ordinary annuity perpetual annuity, regular annuity straight annuity; default annuity Question 2 1.5 pts Determine Rate for a Lump Sum Situation. A friend promises to pay you $700 two years from now if you loan $500 today. What annual rate is your friend offering you? 12.3% 9.8% 6.5% 18.3% 8.5% DO 80 FJ DI FB DOO F4 F6 F7 FS $