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18 Future Value of an Annuity for Various Compounding Periods Find the...

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Future Value of an Annuity for Various Compounding Periods Find the future values of the following ordinary annuities. a. PV of $600 each 6 months for 7 years at a nominal rate of 12%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. PV of $300 each 3 months for 7 years at a nominal rate of 12%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. $ c. The annuities described in parts a and have the same amount of money paid into them during the 7-year period, and both earn interest at the same nominal rate, yet the annuity in part bears more than the one in part a over the years. Why does this occur

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