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Determine the future value of the annuity due

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Reference no: EM132834201

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

Problem a) Determine the future value of this annuity due if her first $400 is invested now. Show your work.

Problem b) What is the difference between an annuity due and an ordinary annuity? Explain.

Reference no: EM132834201

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