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  3. 14.a you bought an annuity that pays $1,000 at the

14.a You bought an annuity that pays $1,000 at the (a) end and (b) beginning...

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Accounting

14.a You bought an annuity that pays $1,000 at the (a) end and (b) beginning of each year next 5 years. If you can earn 6% on your money in other investments with equal risk, the future value (FV) of this kind of annuity is (a) $( ) or (b) $( _).

14.b You bought an annuity that pays $1,000 at the (a) end or (b) beginning of each year for 5 years. If you can earn 6% on your money in other investments with equal risk, the most you would pay (PV) for this kind of annuity is (a) $( ) or (b) $( ).

(Please solve on paper and hand write. No Excel no typed explanation please show all steps)

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