Present value of an annuityConsider the following case.(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Amount of annuity Interest rate Period (years) $22,000 8% 12 a.Calculate the present value of the annuity assuming that it is (1) An ordinary annuity. (2) An annuity due. b.Compare your findings in parts a(1) and a(2). All else being identical, which type of annuityordinary or annuity yields a higher present value? Explain why.