Suppose you are going to receive $$9,500$ per year for five years. The appropriate interest rate is $11$ 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$.,32\mathrm{.}16.$ 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$.,32\mathrm{.}16.)$ 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$.,32\mathrm{.}16.$ 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$.,32\mathrm{.}16.$

c$-1.$ Which has the higher present value, the ordinary annuity or annuity due?

c$-2.$ Which has the higher future value?

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