FUTURE VALUE: ANNUITY VERSUS ANNUITY DUE a. What's the future value of a 7%, 5-year ordinary annuity that pays $300 each year? Round your answer to the nearest cent. b. If this was an annuity due, what would its future value be? Round your answer to the nearest cent. FINDING THE REQUIRED INTEREST RATE Your parents will retire in 30 years. They currently have $240,000 saved, and they think they will need $1,550,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. 6.42% %% Hide Feedback Incorrect