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Determine the future value of this annuity due

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Reference no: EM133150968

Question - Your friend Anne is planning to invest $550 each year for five years and will earn a rate of 8.5 percent per year.

Required -

1. Determine the future value of this annuity due if her first $550 is invested now. Show your work.

2. What is the difference between an annuity due and an ordinary annuity? Explain.

Reference no: EM133150968

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