Suppose you are going to receive $12,000 per year for five years. The appropriate interest rate is 9 percent. a-1. What is the present value of the payments if they are in the form of an ordinary annuity? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. a-2. What is the present value of the payments if the payments are an annuity due? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b-1. Suppose you plan to invest the payments for five years. What is the future value if the payments are an ordinary annuity? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b-2. What is the future value if the payments are an annuity due? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. c-1. Which has the higher present value, the ordinary annuity or annuity due? c-2. Which has the higher future value? a-1. Present value of ordinary annuity a-2. Present value of annuity due b-1. Future value of ordinary annuity b-2. Future value of annuity due c-1. Higher present value c-2. Higher future value