Janet Boyle intends to deposit $ 340 per year in a credit union for the next 7 years, and the credit union pays an annual interest rate of 7%
Determine the future value that Janet will have at the end of 7 years, given that end-of-period deposits are made and no interest is withdrawn, if
a) $ 340 is deposited annually and the credit union pays interest annually
b) $ 170 is deposited semiannually and the credit union pays interest semiannually.
c) $ 85 is deposited quarterly and the credit union pays interest quarterly
d) 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.