There are two categories of cash flows: single cash flows, referred to as "lump sums, " 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. Ordinary annuities make fixed payments at the beginning of each period for a certain time period. An annuity due more interest than an ordinary of equal time. An annuity due is an annuity that makes a payment at the beginning of each period for a certain time period. An annuity is a series of equal payments made at fixed intervals for a specified number of periods. Which of the following is an example of an annuity? An investment in a certificate of deposit (CD) 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 Katie 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 $1, 970 every year and plans to renovate her kitchen. She deposits the money in her savings account at the end of each year and earns 7% annual interest. Katie's savings are an example of an annuity. If Katie decides to renovate her kitchen, how much would she have in her savings account at the end of eight years? $11, 763.46 $20, 211.81 $21, 626.64 $17, 180.04 If Katie deposits the money at the beginning of every year and everything else remains the same, how much will she save by the end of eight years