Annuities and compounding Personal Finance Problem Janet Boyle

intends to deposit $$280$ per year in a credit union for the next $10$ years, and

the credit union pays an annual interest rate of $8\%.$

a$.$ Determine the future value that Janet will have in $10$ years, given

that end$-$of$-$period deposits are made and no interest is withdrawn, if

$(1)$ $$280$ is deposited annually and the credit union pays interest annually.

$(2)$ $$140$ is deposited semiannually and the credit union pays interest

semiannually.

$(3)$ $$70$ 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.