Future value of an annuityUsing the values below, answer the questions that follow.(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)

Amount of annuity	Interest rate	Deposit period (years)
$3,000

11%

7

a.Calculate the future value of the annuity, assuming that it is

(1) An ordinary annuity.

(2) An annuity due.

b.Compare your findings in parts a(1) and a(2). All else being identical, which type of annuity long-ordinary or annuity due long dash is preferable as an investment? Explain why.