On June 1, 2020, Pitts Company sold some equipment to Gannon Company. The two companies entered into an installment sales contract at a rate of 8%. The contract required 8 equal annual payments with the first payment due on June 1, 2020. What type of compound interest table is appropriate for this situation?

Select one:

a.Present value of an annuity due of 1 table.

b.Present value of an ordinary annuity of 1 table.

c.Future amount of an ordinary annuity of 1 table.

d.Future amount of 1 table.