Answer the following questions: a) What is an annuity? What are 3 conditions of an annuity? b) Which of the following examples is/are an ordinary annuity, annuity due? Justify your answer. - Example 1. Michael just signed a one year lease contract: the payment is $500 per month over the period of 12 months. Each payment is made on the first day of the month. - Example 2. Julia was informed by his uncle for his next year's finance support that he will receive $2,000 from his uncle for the next 6 months, and $2,050 from his uncle for the other 6 months. - Example 3. Le Company pays annual constant preferred dividend of $1. The dividend is paid on July 1 every year. c) Given the interest rate - 10%, compute the present value and future value of the annuity you specified in part b)