6) Find the future values of the following ordinary annuities.

a. FV of $500 each 6 months for 5 years at a nominal rate of 15%, compounded semiannually

b. FV of $250 each 3 months for 5 years at a nominal rate of 15%, compounded quarterly

c. The annuities described in parts a and b have the same total amount of money paid into them during the 5-year period, and both earn interest at the same nominal rate, yet the annuity in part b earns more than the one in part a over the 5 years. Why does this occur?

Please show calculator or excel steps. (Identify N, I/Y, PV, PMT, and FV)