QUESTION 13 What amount comes closest to the future value, at the end of year 20, of a 15 year annuity of $550 that makes its first payment at the end of year 6? Use an interest rate of 3%. a. $ 11,868 b. $ 12,802 c. $ 10,229 d. $ 13,821 e. $ 11,013 QUESTION 14 When would the calculation of the effective annual interest rate be most useful? O a. When comparing two investments with different annuity amounts b. When comparing two investments that compound differently within a year c. When comparing two investments that have different inherent risk d. When comparing two investments with different par values e. When comparing two investments that end at different points in time