Question: 8.Problem 4-06 (Future Value: Ordinary Annuity versus Annuity Due) eBook Future Value: Ordinary Annuity versus Annuity Due What is the future value of a 12%,

8.Problem 4-06 (Future Value: Ordinary Annuity versus Annuity Due)

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Future Value: Ordinary Annuity versus Annuity Due

What is the future value of a 12%, 5-year ordinary annuity that pays $400 each year? Do not round intermediate calculations. Round your answer to the nearest cent.

If this were an annuity due, what would its future value be? Do not round intermediate calculations. Round your answer to the nearest cent.

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