1. Suppose you will invest $3,000 each year at the interest rate of 9.6%, beginning one year from now. Assuming the interest rate compounds annually, what will be the total future value of these investments 20 years from now?

Group of answer choices

$178,524.54

$166,235.52

$172,595.59

$164,221.44

2. Same facts as above. How will the answer change if the rates compound semiannually (that is, twice a year)?

Group of answer choices

$165,235.23

$172,595.59

$162,634.63

The answer wouldn't change.