For EACH of the following cases in the following table:

a. Calculate the future value at the end of the specified deposit period.

b. Determine the effective annual rate, EAR.

c. Compare the nominal annual rate, r, to the effective annual rate, EAR. What relationship exists between compounding frequency and the nominal and effective annual rates?

Compounding frequency, Deposit period (times/year) (years) Nominal annual rate, Case 7% Amount of initial deposit $2,400 $48,000 $900 $20,000 11% 6% 17% Print Done a. The future value of case A at the end of year 7 is $ . (Round to the nearest cent.)