Case Amount of annuity 12,000 55,000 700 140,000 22,500 Interest rate 7% 12 20 Period (years 15 10 a. Calculate the present value of the annuity assuming that it is (1) An ordinary annuity (2) An annuity due. b. Compare your findings in parts a (1) and a(2). All else being identical, which type of annuity-ordinary or annuity due-yields a higher present value? Explain why