Decide whether the problem relates to an ordinary annuity or an annuity due, and Solve the problem. (Round your answer to the nearest cent.) for the following scenario:
- A company wants to have $60,000 at the beginning of each 6-month period for the next 4.5 years. If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.77%, compounded semiannually?
- A $3.6 million state lottery pays $15,000 at the beginning of each month for 20 years. How much money must the state actually have in hand to set up the payments for this prize if money is worth 7.7%, compounded monthly?
- Juanita Domingo's parents want to establish a college trust for her. They want to make 16 quarterly withdrawals of $2000, with the first withdrawal 3 months from now. If money is worth 6.5%, compounded quarterly, how much must be deposited now to provide for this trust?