Find the future values of the following ordinary annuities:

a. FV of $400 paid each 6 months for 5 years at a nominal rate of 12% compounded semiannually

b. FV of $200 paid each 3 months for 5 years at a nominal rate of 12% compounded quarterly

c. These annuities receive the same amount of cash during the 5-year period and earn interest at the same nominal rate, yet the annuity in part b ends up larger than the one in part a. Why does this occur?