Question: Find the amount to which $300 will grow under each of these conditions: 6% compounded annually for 7 years. Do not round intermediate calculations. Round

Find the amount to which $300 will grow under each of these conditions:

  1. 6% compounded annually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $ _______

  2. 6% compounded semiannually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $ _______

  3. 6% compounded quarterly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $ ______

  4. 6% compounded monthly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $ ______

  5. 6% compounded daily for 7 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.

    $ ______

  6. Why does the observed pattern of FVs occur?

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