Question: Find the amount to which $ 4 0 0 will grow under each of these conditions: 1 6 % compounded annually for 1 0 years.

Find the amount to which $400 will grow under each of these conditions:
16% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
16% compounded semiannually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
16% compounded quarterly for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
16% compounded monthly for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
16% compounded daily for 10 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?

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