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This lest 10 ps possib Changing compounding frequency Using annual, semiannual and quarterly compounding periods, (1) calculate the future value if $7,000 is deposited initially at 11% annual interest for 9 years, and (2) determine the effective annual rate (EAR) Annual Compounding (1) The future value, FV, is SL (Round to the nearest cent.) (2) If the 11% annual nominal rate is compounded annually, the EAR is %. (Round to two decimal places.) Semiannual Compounding (1) The future value, FV,, is $. (Round to the nearest cent) (2) If the 11% annual nominal rate is compounded semiannually, the EAR is %. (Round to two decimal places.) Quarterly Compounding (1) The future value, FV,, is $. (Round to the nearest cent.) (2) If the 11% annual nominal rate is compounded quarterly, the EAR is %. (Round to two decimal places.) Enter your answer in each of the answer boxes. Chapter 1-A 0 of earch