Question: Find the amount to which $700 will grow under each of these conditions: 4% compounded annually for 6 years. Do not round intermediate calculations. Round

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

  1. 4% compounded annually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

  2. 4% compounded semiannually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

  3. 4% compounded quarterly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

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

  5. 4% compounded daily for 6 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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