eBook Problem Walk-Through

Find the amount to which $800 will grow under each of these conditions:

4% compounded annually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$

4% compounded semiannually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$

4% compounded quarterly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$

4% compounded monthly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$

4% compounded daily for 9 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.

$

Why does the observed pattern of FVs occur?