Future Value of an Annuity for Various Compounding Periods Find the future values of the following ordinary annuities. a. FV of $600 each 6 months for 7 years at a nominal rate of 16%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent: s. b. FV of $300 each 3 months for 7 years at a nominal rate of 16%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. 5 c. The annulties described in parts a and b have the same amount of money paid into them during the 7 -year period, and both earn interest at the same nominal rate, yet the annuity in part b eams more than the one in part a over the 7 years. Why does this occur? -soloct- The annuty in part (b) as compounded insi fiequenty: inerefore, more interest is earned on interest. The annuty in part (b) is campounded marn frequentily, the efore, more interest is earned on interest 0= rearrog