Decide Whether the Problem Relates to an Ordinary Annuity or an Annuity

Multiple Choice

Decide whether the problem relates to an ordinary annuity or an annuity due. A retiree inherits $100,000 and invests it at an annual rate of 7.7%, compounded monthly, in an annuity that provides an amount at the end of each month for the next 11 years. Find the monthly amount. ​

A) Ordinary annuity
B) Annuity due