Find the future values of the following ordinary annuities: a. FV of $700 paid each 6 months for 5 years at a nominal rate of 8% compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent. b. FV of $350 paid each 3 months for 5 years at a nominal rate of 8% compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. .....: 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? -Select- The nominal deposits Into the annulty in part (b) are greater than the nominal deposits Into the annulty in part (a). The annuity In part (a) is compounded less frequently; therefore, more Interest is earned on previously-earned Interest. The annuity in part (a) is compounded more frequently; therefore, more interest is earned on previously-earned Interest. The annuity In part (b) is compounded less frequently; therefore, more interest is earned on previously-earned Interest. The annuity in part (b) is compounded more frequently; therefore, more Interest is earned on previously-earned Interest