Future value of an annuity

Using the values below, answer the questions that follow. (See attachment)

a.Calculate the future value of the annuity, assuming that it is

(1) An ordinary annuity.

(2) An annuity due.

b.Compare your findings in partsa(1) anda(2).

All else being identical, which type of annuitylong dashordinary or annuity due long dashis referable as an investment? Explain why.

a. (1) The future value of the ordinary annuity is

$(Round to the nearest cent)

When solving for the future value of an annuity due using an Excel spreadsheet, you will need to enter the values of Rate, Nper, Pv, Pmt, and Type into the future value function.

Please provide the Excel spreadsheet formula to use for the computation of the problem. While the solution is helpful, I need to know the Excel spreadsheet formula to compute the correct solution.