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