Each of the following problems describes an annuity. Determine whether the amount indicated is the annuity's present value or future value. Also, you must provide a 1-sentence explanation that supports your answer. (a) The Belcoda Municipal Electric Company expects that in 5 years' time, it will need to make significant upgrades to its equipment. In order to set aside enough money to pay these expenses, the utility has begun depositing $98,000 each quarter in to an investment account each quarter. Is the amount they are trying to accumulate a present value or a future value? (b) You take out a loan today for $350,000 in order to purchase a home. The interest rate on the loan is 2.7%, compounded monthly, and you have plans of paying off the loan in 15 years. Does $350,000 represent a present value or a future value? (c) Three years ago, Merl bought a new car, with a listing price of $15,000. Merl borrowed $15,000 from his friend and agreed to pay in monthly installments, with 3% simple interest charged. Does the $15,000 represent the present value of his monthly payments or the future value