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Changing compounding frequencyUsing annual, semiannual, and quarterly compounding periods, (1) calculate the future value if$8,000 is deposited initially at 11% annual interest for 4 years,

Changing compounding frequencyUsing annual, semiannual, and quarterly compounding periods, (1) calculate the future value if$8,000 is deposited initially at 11% annual interest for 4 years, and (2) determine the effective annual rate(EAR).

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Part 1

Annual Compounding

(1) The future value, , is $

enter your response here. (Round to the nearest cent.)

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