Suppose you are going to receive $$14,500$ per year for five years. The appropriate interest rate is $8$ percent.

Requirement $1$:

a$)$

What is the present value of the payments if they are in the form of an ordinary annuity? $($Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

Present value $

b$)$

What is the present value of the payments if the payments are an annuity due? $($Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

Present value $

Requirement $2$:

a$)$

Suppose you plan to invest the payments for five years. What is the future value if the payments are an ordinary annuity? $($Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

Future value $

b$)$

What is the future value if the payments are an annuity due? $($Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

Future value $

Requirement $3$:

a$)$

Which has the higher present value, the ordinary annuity or annuity due?

$($Click to select$)$

b$)$ Which has the higher future value?

$($Click to select$)$