Alfonse invested $5,500 today in a savings account. At the end of Year 4, the investment will have grown to $8,500. If interest is paid once per year, the effective annual rate of the investment is closest to: a. 12.20% b. 11.50% c. 13.57%

Mortgage payments, car payments, or rent that you have to pay at the beginning of each month is most accurately described as which of the following?

	a.	Ordinary annuity
	b.	Immediate annuity
	c.	Annuity due