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. Your friend Anne is planning to invest $400 each year for four years and will earn a rate of 6 percent per year. Determine

. Your friend Anne is planning to invest $400 each year for four years and will earn a rate of 6 percent per year.

  1. Determine the future value of this annuity due if her first $400 is invested now. Show your work.
  2. What is the difference between an annuity due and an ordinary annuity? Explain.

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