Compounding frequency and time valuePersonal Finance ProblemYou plan to invest $1 comma 9001,900 in an individual retirement arrangement (IRA) today at a nominal annual rate of 88%, which is expected to apply to all future years. a. How much will you have in the account at the end of 1010 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 part a? c. How much greater will your IRA balance be at the end of 1010 years if 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 c. a. (1) The amount you will have in the account at the end of 1010 years if interest is compounded annually is $nothing. (Round to the nearest cent.)

P is $1900