Compounding frequency and time value Personal Finance Problem You plan to invest $2,100 in an individual retirement arrangement (IRA) today at a nominal annual rate of 9%, which is expected to apply to all future years a. How much will you have in the account after 9 years if interest is compounded (1) annually, (2) semiannually. (3) daily (assume a 365-day year), and (4) continuously? b. What is the effective annual rate, EAR for each compounding period in parta? c. How much greater Will your IRA balance be in 9 years of interest is compounded continuously rather than annually? a. (1) The amount you will have in the account at the end of 9 years of interest is compounded annually is 5 (Round to the nearest cent) (Round to the nearest cent) (2) The amount you will have in the account at the end of 9 years if interest is compounded semiannually is Round to the nearest cent) (3) The amount you will have in the account at the end of 9 years if interest is compounded daily is Enter your answer in each of the answer boxes sations @ 000 59/2020 search rate of 9%, which is expected to apply to all future years. a. How much will you have in the account after 9 years if interest is compounded (1) annually, (2) semiannually. (3) daily (assume a 365-day year), and (4) continuously? b. What is the effective annual rate, EAR for each compounding period in parta? c. How much greater will your IRA balance be in 9 years interest is compounded continuously rather than annually? d. How does the compounding frequency affect the future value and effective annual rate for a given deposit? Explain in terms of your findings in parts a through a. (1) The amount you will have in the account at the end of 9 years if interest is compounded annually is (Round to the newest cent) (2) The amount you will have in the account at the end of 9 years of interest is compounded semiannually is 5 Round to the nearest cent) (3) The amount you will have in the account at the end of 9 years if interest is compounded daily is $ (Round to the nearest cent) Enter your answer in each of the answer boxes 33 PM