Question: Find the amount to which $700 will grow under each of these conditions: 16% compounded annually for 3 years. Do not round intermediate calculations. Round

Find the amount to which $700 will grow under each of these conditions:

  1. 16% compounded annually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $

  2. 16% compounded semiannually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $

  3. 16% compounded quarterly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $

  4. 16% compounded monthly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.

    $

  5. 16% compounded daily for 3 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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