8. Problem 5.23 (Future Value for various compounding Periods) eBook Problem Walk-Through Find the amount to which $700 will grow under each of these conditions: a. 16% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. 16% compounded semiannually for 10 years. Do not round Intermediate calculations, Round your answer to the nearest cent. C.16% compounded quarterly for 10 years. Do not round Intermediate calculations, Round your answer to the nearest cent. $ d. 16% compounded monthly for 10 years. Do not round Intermediate calculations, Round your answer to the nearest cent $ e 16% compounded daily for 10 years. Assume 365-days in a year. Do not round Intermediate calculations. Round your answer to the nearest cent $ 1. Why does the observed pattern of FVs occur? Select Grade it Now Save & Continue Continue without saving