Question: Problem 4-18 (Future Value of an Annuity for Various Compounding Periods) Future Value of an Annuity for Various Compounding Periods Find the future values of

Problem 4-18 (Future Value of an Annuity for Various Compounding Periods)

Future Value of an Annuity for Various Compounding Periods

Find the future values of the following ordinary annuities.

a. FV of $400 each 6 months for 8 years at a nominal rate of 16%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent.

b. FV of $200 each 3 months for 8 years at a nominal rate of 16%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent.

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