The following situations require the application of the time value of money: Use the appropriate present or future value table: FV of $I, PV of $1, FV of Annuity of $1 and PV of Annuity of $1 On January 1. 2016, 514, 300 is deposited. Assuming an 8% interest rate, calculate the amount accumulated on January 1, 2021, if interest is compounded (a) annually, (b) semiannually, and (c) quarterly Round you' answers to the nearest dollar. Future Value Annual compounding $ Semiannual compounding $ Quarterly compounding $ Assume that a deposit made on January 2, 2016, earns 8% interest. The deposit plus interest accumulated to $20, 300 on January 1, 2021. How much was invested on January 1, 2016, if interest was compounded (a) annually, (b) semiannually, and (c) quarterly? Round your answers to be nearest dollar. Present value Annual compounding $ Semiannual compounding $