Evaluate the value of the following ordinary annuitiesusing the annuity formula: (A)$1000/year for 20 years. (B)$2050 every two years, the first payment starting at the end of the second year, and the last payment occurring at the end of year 20. (a)Assume an interest rate of 7% per year. Which annuity has the higher PV? (b)Does your answer change if the discount rate is 3%?Show your calculations. (c)At what interest rate are the two choices equivalent