### How much more will this annuity be worth

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##### Reference no: EM13198850

1. Mike's Sport Shop deposits \$3,600 at the end of each year for 12 years at 7% annual interest.

a. How much will this ordinary annuity be worth at the end of the 12 years?

b. How much more will this annuity be worth (annuity due) if Mike deposits the money at the beginning of each year instead of at the end of each year?

2. Barb and John Reed want to know how much they must deposit in a retirement savings account today to have payments of \$1,750 every six months for 15 years. The retirement account is paying 8% annual interest, compounded semiannually.

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