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Annuities and compounding Personal Finance Problem Janet Boyle intends to deposit $300 per year in...

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Annuities and compounding Personal Finance Problem Janet Boyle intends to deposit $300 per year in a credit union for the next 7 years, and the credit union pays an annual interest rate of 12% a. Determine the future value that Janet will have in 7 years, given that end-of-period deposits are made and no interest is withdrawn, if (1) $300 is deposited annually and the credit union pays interest annually. (2) $150 is deposited semiannually and the credit union pays interest semiannually. (3) $75 is deposited quarterly and the credit union pays interest quarterly b. Use your finding in part a to discuss the effect of more frequent deposits and compounding of interest on the future value of an annuity. a. (1) If $300 is deposited annually and the credit union pays interest annually, the future value that Janet will have at the end of 7 years is $ (Round to the nearest cent.)

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