Find the future values the following ordinary annuities of 200 paid each 6 months for years at a nominal rate of 11 % compounded semiannually. Do not round Intermediate calculations Round your answer to the nearest cent

Attempts: Keep the Highest: /3 23. Problem 5.25 (Future Value of an Annuity) A eBook Problem Walk-Through Find the future values of the following ordinary annuities: a. FV of $200 paid each 6 months for 5 years at a nominal rate of 11% compounded semiannually. Do not round Intermediate calculations, Round your answer to the nearest cent. $ b. PV of $100 paid each 3 months for 5 years at a nominal rate of 11% compounded quarterly. Do not round Intermediate calculations. Round N 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 bends up larger than the one in part a. Why does this occur? Select- The nominal deposits into the annuity in part (b) are greater than the nominal deposits into the annuity 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 came 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. Grade it Now Save & Continue