Changing compounding frequencyUsing annual, semiannual, and quarterly compounding periods, (1) calculate the future value if $6,000 is deposited initially at 11% annual interest for 6 years, and (2) determine the effective annual rate

Annual Compounding

(1) The future value, FV Subscript nFVn, is $. (Round to the nearest cent.)

(2) If the 11% annual nominal rate is compounded annually, the EAR is %. (Round to two decimal places.)

Semiannual Compounding

(1) The future value, FV Subscript nFVn, is $. (Round to the nearest cent.)

(2) If the 11% annual nominal rate is compounded semiannually, the EAR is %. (Round to two decimal places.)

Quarterly Compounding

(1) The future value, FV Subscript nFVn, is $.(Round to the nearest cent.)

(2) If the 11% annual nominal rate is compounded quarterly, the EAR is %. (Round to two decimal places.)