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Annuities and compounding Personal Finance Problem Janet Boyle intends to deposit $ 2 4 0 per year in a credit union for the next 5
Annuities and compoundingPersonal Finance ProblemJanet Boyle intends to deposit $ per year in a credit union for the next years and the credit union pays an annual interest rate of
aDetermine the future value that Janet will have in years given that endofperiod deposits are made and no interest is withdrawn, if
$ is deposited annually and the credit union pays interest annually.
$ is deposited semiannually and the credit union pays interest semiannually.
$ is deposited quarterly and the credit union pays interest quarterly.
bUse your finding in part a to discuss the effect of more frequent deposits and compounding of interest on the future value of an annuity.
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Part
a If $ is deposited annually and the credit union pays interest annually, the future value that Janet will have at the end of years is $
enter your response here. Round to the nearest cent.
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