Find the future values of the following ordinary annuities:

1. FV of $400 paid each 6 months for 5 years at a nominal rate of 8%, compounded semiannually. Round your answer to the nearest cent.

2. FV of $200 paid each 3 months for 5 years at a nominal rate of 8%, compounded quarterly. Round your answer to the nearest cent.

3. The annuities described in parts a and b have the same amount of money paid into them during the 5-year period and both earn interest at the same nominal rate, yet the annuity in part b earns more than the one in part a over the 5 years. Why does this occur?