Ren Levin wishes to determine the future value at the end of 2 years of a $14,800 deposit made today into an account paying a nominal annual rate of 9%.

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 $14,800 deposit, the 2-year time period, and the 9% nominal annual rate? Use your findings in part a to explain.

Round all answers to 2 decimal places