I can invest funds at 5% APR. I am considering buying an annuity and I am comparing two alternatives. Both are 15 years in length, with the same number of monthly payments (to me) of $5,000. The first instrument pays at the end of the month while the second pays at the beginning of the month. I believe that the second alternative must be worth more as the money comes to me faster, but to the nearest dollar, how much more is it worth to me now?.