Assume that you just received an ordinary annuity with 9 annual payments of $1,000 each. You plan to invest the payments at a 7% annual interest rate. How much would you have, in total, at the end of the 8th year?

Group of answer choices

$10,713.34

$10,503.27

$10,095.42

$11,977.99

$10,297.33

Assume that you just received an ordinary annuity with 6 annual payments of $1,000 each. You plan to invest the payments at a 6% annual interest rate. What will the value of the first payment be at the end of the 5th year?

Group of answer choices

$1,152.23

$1,338.23

$1,224.61

$1,300.35

$1,187.87