Find the future values of the following ordinary annuities: FV of $800 paid each 6...
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Finance
Find the future values of the following ordinary annuities:
FV of $800 paid each 6 months for 5 years at a nominal rate of 9% compounded semiannually. Round your answer to the nearest cent.
$ FV of $400 paid each 3 months for 5 years at a nominal rate of 9% compounded quarterly. Round your answer to the nearest cent.
$ These annuities receive the same amount of cash during the 5-year period and earn interest at the same nominal rate, yet the annuity in part b ends up larger than the one in part a. Why does this occur?
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