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Suppose you are going to receive $20,000 per year for 7 years. The appropriate interest rate is 7 percent. 1. uppose you plan to invest

Suppose you are going to receive $20,000 per year for 7 years. The appropriate interest rate is 7 percent.

1. uppose you plan to invest the payments for 7 years. What is the future value at the end of Year 7 if the payments are an ordinary annuity?

2. Suppose you plan to invest the payments for 7 years. What is the future value at the end of Year 7 if the payments are an annuity due?

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