You deposit $75 every month for 5 years, and the payments occur on the first day of each month. Given a stated rate of 11 percent compounded monthly, what is the future value of this annuity?

You will receive annual payments of $500 for each of the next 50 years. The discount rate is 11 percent, compounded annually. What is the difference in the present values if you receive the payments at the beginning of each year rather than at the end of each year?