Question: Explain whether the following statement is true or false: $100 a year for 10 years is an annuity, but $100 in Year 1, $200 in

Explain whether the following statement is true or false: $100 a year for 10 years is an annuity, but $100 in Year 1, $200 in Year 2, and $400 in Years 3 through 10 does not con- stitute an annuity. However, the second series contains an annuity. Would you rather have a savings account that pays 5 percent interest compounded semi annually or one that pays 5 percent interest compounded daily? Explain

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