Changing compounding frequency Using annual, semiannual, and quarterly compounding periods. (1) calculate the future value if $7.000 is deposited initially at 9% annual interest for 9 years, and (2) determine the effective annual rate (EAR) Annual Compounding (1) The future value, FV. is $. (Round to the nearest cent) (2) If the 9% annual nominal rate is compounded annually, the EAR is % (Round to two decimal places.) Semiannual Compounding (1) The future value, FV. is $. (Round to the nearest cent.) (2) If the 9% annual nominal rate is compounded semiannually, the EAR is % (Round to two decimal places.) Quarterly Compounding (1) The future value, FVnis $(Round to the nearest cent.) (2) If the 9% annual nominal rate is compounded quarterly, the EAR is % (Round to two decimal places.)