question 15 and 16

Changing compounding frequency Using annual, semiannual, and quarterly compounding periods, (1) calculate the future value if $8,000 is deposited initially at 11% annual interest for 6 years, and (2) determine the effective annual rate (EAR). Annual Compounding (1) The future value, FVn, is $ (Round to the nearest cent) Annuities and compounding Personal Finance Problem Janet Boyle intends to deposit $380 per year in a credit union for the next 7 years, and the credit union pays an annual interest rate of 12%. a. Determine the future value that Janet will have in 7 years, given that end-of-period deposits are made and no interest is withdrawn, if (1) $380 is deposited annually and the credit union pays interest annually. (2) $190 is deposited semiannually and the credit union pays interest semiannually. (3) $95 is deposited quarterly and the credit union pays interest quarterly. b. Use your finding in part a to discuss the effect of more frequent deposits and compounding of interest on the future value of an annuity. a. (1) If $380 is deposited annually and the credit union pays interest annually, the future value that Janet will have at the end of 7 years is $ (Round to the nearest cent)