Annuities and compounding Personal Finance Problem Janet Boyle intends to deposit $220 per year in a credit union for the next 7 years, and the credit union pays an annual interest rate of 11%. 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the future value that Janet will have in 7 years, given that end-of-period deposits are made and no interest is withdrawn, if (1) $220 is deposited annually and the credit union pays interest annually. (2) $110 is deposited semiannually and the credit union pays interest semiannually. (3) $55 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 $220 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.) (2) If $110 is deposited semiannually and the credit union pays interest semiannually, the future value that Janet will have at the end of 7 years is $ . (Round to the nearest cent.) (3) If $55 is deposited quarterly and the credit union pays interest quarterly, the future value that Janet will have at the end of 7 years is $ (Round to the nearest cent.) 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. (Select from the drop-down menus.) The sooner a deposit is made the the future sum will be the funds will be available to earn interest and contribute to compounding and the