( round to the nearest cent)

Present value of an annuity Consider the following case. (Click on the icon here e in order to copy the contents of the data table below into a spreadsheet.) Amount of annuity $47,000 Interest rate 11% Period (years) 11 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 dueis preferable? Explain why