Ren Levin wishes to determine the future value at the end of 22 years of a $18,300 deposit made today into an account paying a nominal annual rate of 11%.

a.Find the future value of Ren's deposit, assuming that interest is compounded (1) annually, (2) quarterly, (3) monthly, and (4) continously.

b. Compare your findings in part a, and use them to demonstrate the relationship between compounding frequency and future value.

c.What is the maximum future value obtainable given the $18,300 deposit, the 22-year time period, and the 11% nominal annual rate? Use your findings in part a to explain