Find the future values of the following ordinary annuities. FV of $400 each 6 months for 10 years at a nominal rate of 12%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent. $ FV of $200 each 3 months for 10 years at a nominal rate of 12%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. $ The annuities described in parts a and b have the same amount of money paid into them during the 10-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 10 years. Why does this occur?

Future Value of an Annuity for Various Compounding Periods Find the future values of the following ordinary annuities. a. FV of $400 each 6 months for 10 years at a nominal rate of 12%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. FV of $200 each 3 months for 10 years at a nominal rate of 12%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. $ 10 years. Why does this occur