Changing compounding frequencyUsingannual, semiannual, and quarterly compoundingperiods, (1) calculate the future value if$5,000 is deposited initially at 9% annual interest for 8 years, and(2) determine the effective annual rate(EAR).

Annual Compounding

(1) The futurevalue, FVn, is $

(Round to the nearestcent.)

(2) If the 9% annual nominal rate is compoundedannually, the EAR is %

(Round to two decimalplaces.)

Semiannual Compounding

(1) The futurevalue, FVn, is $

(Round to the nearestcent.)

(2) If the 9% annual nominal rate is compoundedsemiannually, the EAR is %

(Round to two decimalplaces.)

Quarterly Compounding

(1) The futurevalue, FVn, is $

(Round to the nearestcent.)

(2) If the 9% annual nominal rate is compoundedquarterly, the EAR is %

(Round to two decimalplaces.)