Find the future values of the following ordinary annuities:

FV of $$700$ paid each $6$ months for $5$ years at a nominal rate of $16\%$ compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent.

$

FV of $$350$ paid each $3$ months for $5$ years at a nominal rate of $16\%$ compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent.

$

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$-$