Question: Please explain the answers! QUESTION 5 What is the present value of an ordinary annuity that pays $893 per year for 13 years at 9%?

Please explain the answers!

QUESTION 5 What is the present value of an ordinary annuity that pays $893 per year for 13 years at 9%? Assume annual compounding (round your answer to the nearest dollar) QUESTION 6 Find the future value of an initial $2,563 compounded for 9 years at 14%. Assume monthly compounding. fround to the nearest whole dollar)

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