There are three categories of cash flows: single cash flows, also referred to as "lump sums," a stream of unequal cash flows, and annuities. Based on your understanding of annuities, answer the following questions. Which of the following statements about annuities are true? Check all that apply. When equal payments are made at the end of each period for a certain time period, they are treated as ordinary annuities. O An ordinary annuity of equal time earns less interest than an annuity due. A perpetuity is a series of equal payments made at fixed intervals that continue infinitely and can be thought of as an infinite annuity. When equal payments are made at the end of each period for a certain time period, they are treated as an annuity due. Which of the following is an example of an annuity? An investment in a certificate of deposit (CD) O A lump-sum payment made to a life insurance company that promises to make a series of equal payments later for some period of time Simone had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. She starts to save $750 every year and plans to renovate her kitchen. She deposits the money in her savings account at the end of each year and earns 6% annual interest. Simone's savings are an example of an annuity. If Simone decides to renovate her kitchen, how much would she have in her savings account at the end of 7 years, rounded to the nearest whole dollar? $8,498 ,295 $6,673 O $5,351 by the end of 7 If Simone deposits the money at the beginning of every year and everything else remains the same, she will save years? $6,295 $4,721 $6,673 $8,341 will save by the end of 7