Future value of an ordinary annuity is:

$1.$the value in today's dollars of some amount to be received or paid in the future

$2.$the future value of a series of equal payments where each payment is made at the end of a period in the series

$3.$the value at some future point in time of an amount loaned, borrowed, saved, or invested today

$4.$the future value of a series of equal payments where each payment is made at the beginning of a period in the series